Ethiopia’s sugar industry has received the fourth and final tranche of a US$640mn credit commitment from the Export-Import Bank of India (India Exim).

The final US$90mn line of credit will be used to boost Ethiopia’s sugar industry, which is aiming to achieve a 2.5% global share of the sugar market by 2017, according to the Ethiopian Sugar Development Agency.

India Exim’s line of credit will be used to finance at least 75% of contract values for goods and services that are imported from India.

India Exim has a number of links with Ethiopia’s sugar industry after it loaned US$350mn in 2009 for Indian firm OIA to build a sugar factory in Tendaho, northern Ethiopia.