Exim Bank to give $31 million loan to Suriname for transmission project, chopper maintenance

India's Exim Bank has inked loan agreements of USD 31 million with Surimane for upgradation of transmission line network and maintenance of Chetak helicopters there. Export-Import Bank of India (Exim Bank) has, on behalf of the government, extended two lines of credit aggregating USD 31 million to the Republic of Suriname, Exim Bank said in a statement today.

Of these lines of credit (LOC), USD 27.50 million will be used for upgradation of transmission network infrastructure and USD 3.50 million for servicing and maintenance of three Chetak helicopters, Exim Bank said.

These loan agreements were signed in the presence of India's President Ram Nath Kovind and Suriname President Desiré Delano Bouterse, in Paramaribo on June 20.

With the signing of the above LOC agreements, Exim Bank, till date, has extended 7 lines of credit to Suriname, on behalf of the India government, taking the total value of soft credit to USD 78.05 million to the South American nation.

Exim Bank loans to Suriname have been invested in projects related to power, water supply and delivery of helicopters.

Exim Bank, with this, has now placed 232 loans covering 62 countries in Africa, Asia, Latin America and the Commonwealth of Independent States (CIS), with credit commitments of around USD 22.85 billion, available for financing exports from India.

Besides promoting India's exports, Exim Bank's loans enable demonstration of Indian expertise and project execution capabilities in emerging market.