Exim extends $250 million credit to Africa for jabs

The Export-Import Bank of India (Exim Bank) will be disbursing $100 million by way of project finance to COVID-19 vaccine makers in the country this fiscal.

“It is not only project financing, we support a lot of multilateral institutions so that they import from India,” Deputy Managing Director N. Ramesh said, announcing the bank is extending a $250-million credit line for Africa to procure the vaccines.

Much of the $100-million loan had been disbursed and the rest would be issued by March, he said, adding that only a few firms were making vaccines or related products in the country.

On the credit line, Mr. Ramesh said the India Exim Bank has offered $150 million to the African Exim Bank and $100 million to Africa Finance Corporation. “They can use it for any imports from India, but I think their need is vaccines,” Mr. Ramesh told media in Hyderabad, on Friday.

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Printable version | Jan 29, 2022 11:10:00 AM |

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