India to help finance building of Eswatini’s new parliament

India will help finance the new parliament building of Eswatini with the Export-Import Bank of India [Exim Bank] extending a line of credit of $108.28 million. Eswatini is a landlocked country in Southern Africa and has Mozambique and South Africa as its neighbors. The country was earlier known by the name Swaziland.

The line of credit agreement for this was signed between the General Manager of Exim Bank Nirmit Ved and the Finance minister of  Eswatini, Neal H Rijkenberg. All in All number of LOC extended by EXIM bank to Africa’s smallest country now stands at 4, with a total value of $176.58 million. These MOUs are used in building of Information technology park and Agricultural Development.

India is also involved in financing of new Parliament in Burundi’s national capital Gitega and 2 Ministerial buildings in Bujumbura, the country’s largest city and main port. In the past, India was involved in the construction of the Parliament building of Afghanistan as well. The building was inaugurated in 2015 by Afghan President Ashraf Ghani and PM Narendra Modi.

A total of 211 Line of Credits (LoCs) amounting to US $12.85 billion have been extended to the African countries in various infrastructure projects by New Delhi. Specifically regarding EXIM bank, it has extended 272 Lines of Credit, covering 62 countries in Africa, Asia, Latin America, and the CIS with credit commitments of around $26.84 billion.

(With inputs from DNA India)

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