Current Affairs - Banking - Discussion

The Export-Import Bank, Exim Bank announced that it will provide a USD 500 million credit facility to Economic Community of West African States (ECOWAS) to fund various development projects in western-south Africa. According to the Bank, with the signing of line of credit (LoC) agreement, the Bank till date has extended four LoCs to the Bank for Investment and Development (EBID) of West African States, taking the total value of LOCs to USD 1,000 million. The LoC of USD 500 million is an umbrella limit for financing developmental projects in 15-member countries.