-
ALSO READ
Government to infuse Rs 1,500 crore into Exim Bank next fiscal
3 PSU banks likely to be out of PCA framework by March: DFS Secretary
Govt support for bank borrowers softened rise in bad loans: Moody's
PMC Bank case: Enforcement Directorate searches 5 locations in Mumbai
IDBI Bank shares gain over 2% after third quarter earnings
-
Export-Import Bank of India (Exim Bank) on Monday said it has extended a line of credit (LOC) worth USD 50 million to the Republic of Maldives for financing of defence projects in the country.
An amendatory agreement for repurposing an existing LOC of USD 40 million to include road projects in Maldives was also signed between Exim Bank and Maldives government last week, a release said.
With the signing of the agreement, the bank, till date, has extended four LOCs to Maldives, on behalf of the Indian government, taking the total value of LOCs to USD 1,290 million.
Projects covered under the LOCs extended to Maldives include housing projects, Greater Male' connectivity project, water and sewerage projects, Addu Development Project, international cricket stadium project, defence projects, Gulhifalhu Port Project, Hanimaadhoo airport project and road construction project.
Exim Bank has now in place 268 LOCs, covering 62 countries in Africa, Asia, Latin America and the Commonwealth of Independent States (CIS), with credit commitments of around USD 26.64 billion, available for financing exports from India.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU