Line of Credit Current Affairs
The Export-Import Bank of India (Exim Bank) has inked line of credit (LoC) agreement with Bank for Investment and Development (EBID) to provide US $500 million credit facility to fund various development projects in 15-member countries of Economic Community of West African States (ECOWAS) region in western-south Africa.
The LoC of US $500 million to EBID is umbrella limit for financing developmental projects in 15-member countries of EBID in ECOWAS region. These projects entitled to get funding may belong any sector which is of priority of governments of any of member states of EBID. With signing of LoC agreement, Exim Bank till date has extended four LoCs to EBID, with support of government, taking total value of LOCs to US $1,000 million.
Economic Community of West African States (ECOWAS)
The ECOWAS is regional group of 15 West African countries. It was founded in May 1975, with the signing of the Treaty of Lagos. Its mandate is to promote economic integration in all fields of activity of the constituting countries. Its 15 member countries are Benin, Cape Verde, Burkina Faso, Gambia, Cote d’Ivoire, Ghana, Guinea Bissau, Guinea, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.