Exim Bank extends $5 mn line of credit to Cuba

First such facility to the Caribbean nation, will be used to set up milk powder processing plant

Export-Import Bank of India (EXIM) has extended $5 million Line of Credit (LOC) to Cuba to set up a milk powder processing plant in Camaguey province of northern Caribbean Island nation.

This is first such LOC extended by to Cuba. The LOC Agreement to this effect was signed in New Delhi, India on October 10, 2012, Exim Bank said in statement.

India exports to Cuba includes pharmaceuticals and fine chemicals, vehicles, rubber manufactured products, and plastic products. India imports from Caribbean nation includes tobacco and manufactured tobacco substitutes, vegetables, fruits, nuts, leather, raw hides and skin.