India has provided additional funding of US$10m to Djibouti for a cement plant project at Ali Sabieh, raising the total funding to US$20m .
This will be done through a Line of Credit (LOC) by the Export-Import Bank of India (Exim Bank). The LOC agreement was signed in Delhi recently by the eastern African country Ambassador to India Youssouf Omar Doualeh and Exim Bank Chief General Manager P Dalal.
"The additional funding will help in early completion of the project. Commissioning of the cement plant is expected to alleviate shortage of cement in Djibouti and catalyse building and construction activities, leading to more employment opportunities and infrastructure development," a statement from the Indian embassy in Ethiopia said.
The Exim Bank of India currently has 75 lines of credit in place, covering more than 80 countries with credit commitment aggregating to US$ 2.03bn.
These have been made available to countries in Africa, Asia, Latin America, Europe and the CIS. Exim Bank’s LOCs offer a risk-free, no recourse export financing option to Indian exporters.