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EXIM Bank to get Rs 3,000 crore for Lines of Credit for project exports

So far, 811 export contracts, aggregating to $10.50 billion are being financed under LoCs

Topics
EXIM Bank | Economic stimulus

IANS  |  New Delhi 

imports, exports, retailers
The announcement is part of Centre's third round of stimulus which the Finance Minister described as 'Atmanirbhar Bharat 3.0'

The Centre will release Rs 3,000 crore to to provide Lines of Credit for project exports, Minister announced on Thursday

extends Lines of Credit (LOC) on behalf of the Indian government, as assistance to developing countries under 'IDEAS' scheme. It promotes Indian export by mandating recipient countries to import 75 per cent value of the LOC.

The projects supported through the scheme by cover railways, power, transmission, road and transport, auto and auto components, sugar projects among others.

So far, 811 export contracts, aggregating to $10.50 billion are being financed under LoCs.

The announcement is part of Centre's third round of stimulus which the Minister described as "Atmanirbhar Bharat 3.0".

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, November 12 2020. 20:56 IST
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