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Exim Bank Inked $500 million Loan Facility To ECOWAS Details, Purpose, About
Exim Bank Inked $500 million Loan Facility To ECOWAS Details, Purpose, About
The Export-Import Bank of India (Exim Bank) has inked line of credit (LoC) agreement with Bank for Investment and Development (EBID) on 26th March 2018 in New Delhi.
The Exim Bank will provide US $500 million credit facility to fund various development projects in 15-member countries of Economic Community of West African States (ECOWAS) region in western-south Africa.
Under the LoC agreement, projects that are granted to get funding may belong to any sector which is on the priority list of the governments of any of the member countries of EBID.
With the signing of LoC agreement, Exim Bank till date has issued four LoCs to EBID, with the support of government, taking the total value of LOCs to US $1,000 million.
About ECOWAS
The ECOWAS is the regional group of 15 West African countries. It was founded in May 1975, with the signing of the Treaty of Lagos.
The ECOWAS is authorised to promote economic integration in all fields of activity of the constituting countries.
The ECOWAS, 15 region states includes-Benin, Burkina Faso, Cape Verde, Cote d’Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
