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Exim Bank finances projects in Africa and elsewhere

Posted on Nov 19, 09:28PM | IANS

The Export-Import Bank of India (Exim Bank) has spent upwards of USD 82 billion over the past year to support 156 lines of credit to 74 countries in Africa and elsewhere.

The support has enabled countries in the West African region to finance various development projects, according to figures provided by the Bank.

In West Africa, Mali, Cameroon, and Benin have received over USD 157 million to finance various projects in their countries.

Mali received USD 100 million to finance a power transmission project connecting Bamako and Sikasso via Bougouni.

Cameroon received USD 42 million to finance a cassava plantation project, while USD 15 million were made available to Benin to finance a tractor assembly plant and farm equipment manufacturing unit.

For Mali, it is the seventh line of credit from the Exim Bank, while for Cameroon it was the second letter of credit (LOC) extended by the bank at the request of the Indian government.

The first LOC of USD 37.65 million was extended to finance two projects -- a maize farm and a rice farm plantation, respectively, received USD 18.77 million and USD 18.88 million.

For Benin, this is the second LOC to be extended by Eximbank. The first LOC of USD 15 million was for purchase of railway and agricultural equipment, and a cyber-city project.

The Sierra Leone Water Company (SALWACO) has received USD 30 million to support the Kailahun water project in the country. Acting director general of SALWACO, Victor Hastings Spaine, said the Eximbank financed the rehabilitation of existing water facilities and addition of new infrastructure to supply potable water to six areas across the country.

Spaine said India-based company Angelique International undertook the project, which has helped provide potable water to residents of Mile 91 and Kailahun, as part of the government's plans to achieve one of the Millennium Development Goals (MDG) by 2015.

The area residents said they have waited for more than forty years to get access to potable water.

As part of the project, SALWACO has been able to construct eleven kilometres of transmission lines and nine kilometres of distribution lines equipped with state-of-the-art treatment plant and laboratory with a water reservoir of 250 cubic metres.