India's Export-Import Bank (Eximbank) will issue a $176.3 million loan to Ivory Coast for public works initiatives, including projects in construction and information technology, Ivorian Prime Minister Daniel Kablan Duncan said on Wednesday.
India's Eximbank to loan government $176.3 mln - Ivorian PM
The loan was announced during a visit by Indian President Pranab Mukherjee to the world's top cocoa and cashew producer, which issued two Eurobonds totalling $1.75 billion in 2014 and 2015.
India is also expecting to open an Eximbank office in Ivory Coast this year, Duncan said.
"The return of Eximbank India constitutes a significant advantage for the consolidation of this already excellent partnership," said Duncan, who added that the bank had left during his West African country's decade-long political crisis that ended in 2011.
Trade between India and Ivory Coast rose from 221 billion CFA francs ($378.66 million) in 2010 to 513 billion CFA francs ($878.97 million) last year, an increase of 132 percent in five years, according to Duncan.
French-speaking West Africa's largest economy is one of its fastest growing, with GDP growth expected to be 8.5 percent this year, according to the International Monetary Fund.
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or: