Exim Bank inks $10.40 million soft loan pact with Eswatini

Representative image

Export-Import Bank of India (Exim Bank) on Wednesday said it has inked a $10.40 million (Rs 75.99 crore) loan deal with Eswatini (Swaziland) on behalf of the Indian government.

Exim Bank, on behalf of the Indian government, has extended a Line of Credit (LoC) of $10.40 million to the government of the Kingdom of Eswatini (Swaziland) for the construction of disaster recovery site, the bank said in a release.

With the signing of this agreement, Exim Bank, till date has extended three LoCs to Eswatini, taking the total value to $68.30 million.

Exim Bank said the Indian government’s soft loan to Eswatini covers projects in sectors including information technology, disaster management and agriculture.

With the signing of this latest agreement, Exim Bank has now in place 270 LoCs, covering 62 countries in Africa, Asia, Latin America and the CIS (Commonwealth of Independent States), with credit commitments of around $26.75 billion, available for financing exports from India, it said.

Besides promoting India’s exports, Exim Bank’s LoCs enable demonstration of Indian expertise and project execution capabilities in emerging markets, said the lender.