Mumbai, Jun 17 (PTI) The Export-Import Bank of India on Friday said it has executed a Buyer's Credit Agreement with Ghana for an agriculture mechanisation project valued at USD 24.98 million.

The project envisages establishment of an assembly plant for tractors, backhoe loaders and fabrication of agriculture implements.

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This funding is proposed to be provided under the Buyer's Credit program under the National Export Insurance Account (NEIA) Scheme, it said in a statement.

The project shall help the country towards mechanisation of agriculture, develop the local industry which will eventually generate additional revenue for the local entrepreneurs, and is expected to contribute to breaking the cycle of poverty in the local area, it added.

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The proposed project will reduce the imports of tractors, backhoes and agricultural implements and thus lead to saving in foreign reserves.

The Buyer's Credit Agreement was signed on June 16 in Accra, Ghana.

The bank is also supporting a railway line and a road project in the African nation under the NEIA scheme.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)