This is the first-ever LoC extended by Exim Bank to Syria and the first-ever LoC to the Middle-Eastern region, a release issued here today stated.
Exim Bank would reimburse 90 per cent of contract value to Indian exporters, upfront upon the shipment of goods.
India's exports to Syria in 2006-07 amounted to $408 million, registering an increase of 47.5 per cent over the previous year.
Main products exported from India to Syria are machinery and instruments, yarn fabrics, staple fibre, pharmaceutical products and non-ferrous metals.
Exim Bank now has 94 LoC, covering 90 countries in Africa, Asia, Latin America, Europe and the CIS with credit commitments over $3 billion, available for utilisation for financing exports from India.
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