Exim Bank signs $500 millionamount of Line of Credit (LoC) with ECOWAS Bank for Investment and Development
The Export-Import Bank of India (Exim Bank) has signed a $500 million Line of Credit (LoC) agreement with ECOWAS Bank for Investment and Development (EBID) to fund various development projects in the western-south Africa. The LoC of $500 million to EBID is an umbrella limit for financing developmental projects in 15-member countries of EBID in West African region — Benin, Burkina Faso, Cape Verde, Cote d’Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. With the signing of this LoC agreement, Exim Bank till date has extended four LoCs to EBID, with the support of the government, taking the total value of LOCs to $1,000 million. The Economic Community of West African States (ECOWAS) has a mandate to promote economic integration in all fields of activity of the constituting countries.