<p>Export-Import Bank of India (Exim Bank) has extended a Line of Credit (LOC) of $87 million to the Government of the Republic of Zimbabwe, for renovation/up-gradation of Bulawayo Thermal Power Plant.<br><br>The LOC Agreement to this effect was signed in New Delhi on Tuesday (October 27) by H.E. Mr. Patrick Anthony Chinamasa [M.P.], Minister of Finance and Economic Development, on behalf of the Government of Republic of Zimbabwe and Yaduvendra Mathur, IAS, Chairman & Managing Director, on behalf of Export-Import Bank of India.<br><br>With the signing of the of the agreement for $87 million, Exim Bank, till date, has extended two LOCs to the Republic of Zimbabwe, at the behest of India, taking the total value of LOCs to $115.60 million. The first LOC of $28.60 million was extended in June 2013 for up-gradation of Deka Pumping Station and River Water Intake System in Zimbabwe.<br><br>Exim Bank has now in place 201 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over $12.28 billion, available for financing exports from India. Under the LOCs, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India's exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.<br><br>(BW Online Bureau)</p>
