Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended a Line of Credit [LOC] of USD 23.37 million to the Government of Cooperative Republic of Guyana for the procurement of two aircraft from India for the country’s defence forces, officials said on Tuesday.

The LOC Agreement to this effect was signed on March 15, 2024, between Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Ashni K. Singh, Government of Cooperative Republic of Guyana and Sanjay Lamba, Deputy General Manager, Exim Bank; in the presence of High Commissioner of India to Guyana, Amit Telang.

"With the signing of this LOC Agreement, Exim Bank has now in place 292 Lines of Credit, covering 62 countries in Africa, Asia, Latin America, CIS and the Oceania, with credit commitments of around USD 2.72 billion, available for financing exports from India," read the statement issued by Exim Bank.

"Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets," the statement said.