Exim Bank to give $800 mn credit to Maldives for developmental projects

The Export-Import Bank of India (Exim Bank) Wednesday said it will provide USD 800 million (about Rs 5,500 crore) credit to Maldives to finance developmental projects.

Exim Bank has extended a Line of Credit (LOC) of USD 800 million to Maldives for financing developmental projects, Exim Bank said in a release.

An agreement for the LOC was signed between Maldives Finance Minister Ibrahim Ameer and Exim Bank Chief General Manager Sudatta Mandal.

The LOC agreement was exchanged during the visit of External Affairs Minister Sushma Swaraj to Maldives, Exim Bank said.

"With the signing of the above LOC agreement for USD 800 million, Exim Bank, till date, has extended three LOCs to the Government of the Republic of Maldives, on behalf of the Government of India, taking the total value of LOCs extended to USD 880 million (about Rs 6,000 crore)," it said.

The projects covered under the LOCs extended to Maldives include various infrastructure development projects.

Exim Bank has in place 245 LOCs, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 24.24 billion (about Rs 1,67,200 crore), available for financing exports from India.