Africa Agriculture Banking Economy Finance Ghana Mozambique

India Exim Bank inks US$245M loan with Mozambique & Ghana to support agri and rail

Export Import Bank of India (Exim Bank) will provide line of credit worth USD 245 million to Ghana and Mozambique for agricultural and railway projects.

Exim Bank supported line of credit of USD 150 million to Ghana and USD 95 million to Mazambique, the Reserve Bank of India said in two separate notifications Thursday.

The USD 150 million for Ghana will be used for financing strengthening of agriculture mechanisation services centres, while line of credit for Mozambique will be used for financing procurement of railway rolling stock including locomotives, coaches and wagons, the RBI said.

The agreements are effective from June 3, 2019. Under the LoC, the terminal utilisation period is 60 months after the scheduled completion date of the project, the apex bank said.

Source: Business Standard

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