The Export-Import Bank of India (India Exim) has extended a US$87.46mn buyer’s credit to Côte d’Ivoire, which will finance the supply of 500 buses, 62 fleet maintenance support vehicles, spare parts and related services by Tata Motors, India’s largest automotive manufacturer.
The buyer’s credit is issued under India Exim’s National Export Insurance Account (NEIA) programme, a financing mechanism that provides medium and long-term financing to Indian exporters, helping them enter markets in developing countries.
To date, India Exim has sanctioned US$2.84bn for 22 projects under the NEIA programme. Most recently, the bank opened a US$398.33mn buyer’s credit to finance a railway project in Ghana in November.
The bank has also extended five government-backed credit lines to the government of Côte d’Ivoire, totalling US$136.3mn for infrastructure, agricultural and construction projects in the West African country.
The deal was signed on December 28, 2016 by Côte d’Ivoire’s finance minister Adama Kone and India Exim’s representative Pushpesh Tyagi in Abidjan.
India Exim opened a representative office in Abidjan in June 2016, aimed at boosting and facilitating bilateral trade and investment relations between India and Côte d’Ivoire.