HARARE: Export-Import Bank of India (Exim Bank) said in a press statement on Wednesday that it had, at the behest of the Union government, extended a line of credit (LOC) of $87 million to Zimbabwe for renovation or upgrade of the Bulawayo thermal power plant.
The LOC agreement to this effect was signed in New Delhi on Tuesday by Patrick Anthony Chinamasa, Zimbabwe’s minister of finance and economic development, and Exim Bank Chairman & Managing Director Yaduvendra Mathur.
Including the present one, Exim Bank has so far extended two LOCs to the Zimbabwe government, taking the total value of LOCs to $115.60 million. The first LOC, of $28.60 million, was extended in June 2013 for upgrade of the Deka pumping station and river water intake system in Zimbabwe.
In total, Exim Bank now has in place 201 LOCs, covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over $12.28 billion, available for financing exports from India. Under the LOCs, Exim Bank will reimburse 100 per cent of contract value to the Indian exporters upfront, upon the shipment of equipment and goods or provision of services.
