#News: India’s Exim Bank approves a $300 million credit for railway construction The Export-Import Bank of India approved a $300 million worth of line of credit to Ethiopia, paving the way for construction of a railway line linking Asaita in the Afar Regional State to the new port being built at Tajourah in Djibouti. The agreement was signed on Thursday last week (June 13th) between T.C.A. Ranganathan, chairman and managing director of Exim Bank, and Ethiopia’s State Minister of Finance and Economic Affairs, Ahmed Shide in New Delhi. The Minister noted that the railway link to a port will provide increased impetus to growth, particularly in the northern part of the country. The line is part of a larger regional project to improve railway connectivity in Ethiopia and other east African countries, he added. The loan has been under discussion since the visit of Indian Prime Minister Manmohan Singh to Ethiopia in 2010. under the African Union Region Development Scheme, which was initiated by India. Debo Tunka, deputy chief executive officer and head of infrastructure development at the Ethiopian Railway Corporation said the railway link would initially be utilized for transporting goods but later opened for passenger traffic
Posted on: Tue, 18 Jun 2013 04:27:46 +0000