Export-Import Bank of India (Exim Bank) has entered into an agreement with the government of Togo to provide a US$52 million credit line for exports of Indian goods and services.

Under the agreement, letters of credit (L/Cs) can be opened and disbursements made for Indian firms undertaking work in the establishment of a power transmission line in Togo.

Indian content

Eligible goods include products, machinery, equipment and services including consultancy services for the transmission line.

Finance is available for the provision of goods and services with a minimum of 75 per cent Indian content.

L/C arrangements

The last date for opening of L/Cs and disbursement will be 48 months from the scheduled completion dates of contracts in the case of project exports and 72 months (19 June 2020) from the execution date of the credit agreement in the case of supply contracts.

Separately, Exim Bank has set up a similar credit line of US$30 million for financing a rural electrification project that will provide power to 150 localities in Togo.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.