India to Provide LOC for Housing Project in Gabon

India is providing a Line of Credit for US$ 14.5 million for housing project in Gabon and on a request from Government of Gabon, the Finance Minister, Shri P. Chidambaram has approved India's concurrence to liberalise the LoC further. This was conveyed in a letter from Shri P. Chidambaram addressed to the Finance Minister of Gabon, Mr Paul TOUNGUI. This letter was delivered by the Minister of State for Finance, Shri Pawan Kumar Bansal to Ms. Gisele Laure Eyang Ntoutoume, Deputy Minister for Housing & Urban Development, Gabon at a bilateral meeting held here today. Ms. Gisele is heading the Gabon delegation which had meetings with officials of the Ministry of Finance at New Delhi and with Exim Bank of India at Mumbai. This LoC will be used to construct houses in Libreville, the capital of Gabon.

Shri Bansal expressed his fond hope that the housing project would be a standing testimony of excellent bilateral relations between India and Gabon. He explained that India has a good expertise in housing construction and Gabon can further take its benefit through coordination with National Housing Bank. The State Minister said that there is a tremendous potential to increase the bilateral trade between the two countries. India and the Gabon Republic have a close relationship covering areas of mutual interest, including political relations, trade and investment, economic and development cooperation, civil society and cultural exchanges, Shri Bansal added.

The Gabon delegation leader stated that housing is one of the difficult and costly projects in their country and the LoC would greatly help in this field. She said her country would look forward for more cooperation from India especially in the health, housing and agriculture sector.

Source : Press Information Bureau

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