Exim Bank offers $60 million loan to Central African Republic

March 19th, 2012 - 7:14 pm ICT by IANS  

Manmohan Singh New Delhi, March 19 (IANS) The government-run Export-Import (Exim) Bank of India Monday offered $60 million concessional loan to the Central African Republic for development of agriculture and mining sectors.

The government of Central African Republic signed and agreement for a concessional line of credit with Exim Bank at a conclave on India-Africa Project Partnership here.

Central African Republic Prime Minister Faustin Archangel Touadera said the credit would be used for developing the agriculture and mining sectors.

Urging Indian entrepreneurs to increase investments in Central African Republic, Touadera said bilateral relations of the two countries should be revitalised through greater investment flows, and technology sharing.

“Indian companies can play a vital role in tapping Central African Republic’s vastly untapped hydro resources, and mineral and agriculture resources,” he said.

Touadera also invited Indian investments in the areas of telecommunications and transport infrastructure development.

He said Central African Republic, which lies in the heart of the African continent, could severe as a gateway to regional markets for Indian firms.

During the second India-Africa summit held in Ethiopian capital Addis Ababa last year, Prime Minister Manmohan Singh had pledged $5 billion line of credit for development of African region.

A line of credit is an informal loan agreement allowing customers to borrow up to a specified amount.

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