India’s Export Import (EXIM) Bank extended two lines of credit (LOC) worth US$45mn to the government of Gambia for expansion projects at the Banjul Port
According to Business Standard, the bank has provided the credit to finance an electrification expansion project and replace asbestos waterpipes with UPVC pipes in the greater Banjul Area.
Banjul Port, located in the West African country’s capital, is the main seaport and accounts for 90 per cent of the nation’s trade volume. It is also a trade gateway to neighbouring landlocked countries such as Mali and Senegal.
The credit agreements were signed on by Debasish Mallick, deputy managing director of Exim Bank and H E Kebba S Touray, minister of finance and economic affairs of Gambia, stated officials from the Gambian government.
Including these two lines of credit, India has granted Gambia five lines of credit in all till date, which have a combined value of US$78.58mn. In November 2005, India granted its first line of credit to the country worth US$6.7mn to finance the supply of 500 tractors with spares and assembly. Shortly after, Gambia received US$26.88mn from the Indian government for the construction and completion of its National Assembly Building Complex, added Gambian government officials.
In addition, Gambia imports cotton, cereals, manmade fibres and electrical machinery and equipment from India.
