Exim Bank extends USD 500 mn loan to Tanzania for water supply projects

Mumbai, December 7: Export-Import Bank of India (Exim Bank) has extended a credit facility of USD 500 million to Tanzania for water supply projects in the country.

 

Exim Bank signed an agreement on May 10, this year, with the Tanzania government for making available a Government of India-supported line of credit of USD 500 million for the purpose of financing water supply schemes.

The RBI said in a release that under this agreement, of the total credit by Exim Bank, goods and services of value of at least 75 per cent of the contract price shall be supplied by the seller from India. The remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.

The RBI said that the agreement under the line of credit is effective from September 18, 2018.