Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended two additional Lines of Credit (LOCs) to the Government of The Gambia, viz. USD 22.50 million for financing electrification expansion project for greater Banjul Area and USD 22.50 million for financing replacement of Asbestos Water Pipes with UPVC Pipes in the Greater Banjul Area in Gambia.

The LOC agreements to this effect were signed on Wednesday Oct. 29, 2014, by Debasish Mallick, deputy managing director, on behalf of Exim Bank and by H.E. Kebba S. Touray, minister of finance and economic affairs, government of the Gambia on behalf of the Government of The Gambia.

With the signing of the above two LOC agreements aggregating USD 45 million, Exim Bank, till date, has extended five Lines of Credit to The Gambia, at the behest of the government of India, taking the total value of LOCs extended to USD 78.58 million.

The first LOC of USD 6.7 million was extended to the government of The Gambia in November 2005 for financing the supply of 500 tractors with spares and assembly. The second LOC of USD 10 million was extended to the Government of The Gambia in August 2008 for construction of the National Assembly Building Complex in Gambia and third LOC of USD 16.88 million was extended to the Government of The Gambia in October 2012 for completion of the National Assembly Building Complex in Gambia. Gambia is a country located in West Africa, and is surrounded by Senegal and a short coastline on the Atlantic Ocean in the west. The country is situated around the Gambia River which flows through the country's centre and empties into the Atlantic Ocean. The main items that India exports to Gambia are cotton, cereals, man-made fibres and electrical machinery and equipment.