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Current Affairs

Exim Bank extends $800 mn LoC to Maldives for developmental projects

Date: 20 March 2019 Tags: India & World, International Organizations

Export-Import Bank of India (Exim Bank) has extended US $800 million line of credit (LoC) to Maldives for financing developmental projects in the island nation. The agreement in this regard was exchanged during visit of Union External Affairs Minister Sushma Swaraj to Maldives recently. Projects covered under LoC will include various infrastructure development projects. With this agreement, Exim Bank has so far extended three LoCs to Maldives taking total value of such instruments to US $880 million.

EXIM Bank

  • It is premier export finance institution owned completely by Government of India (GoI) for financing, facilitating and promoting foreign trade of India.
  • It was setup in 1982 under Export-Import Bank of India (EXIM) Act to promote the Indian exports. It is headquartered in Mumbai, Maharashtra.
  • It assists Industries across wide avenues like export product development, export production, export marketing, import of technology, pre-shipment and post-shipment and overseas investment.
  • It also extends LoC to overseas sovereign governments, financial institutions, regional development banks and other entities abroad.
  • It enables buyers in those countries for developmental and infrastructure projects, import of equipment, goods and services from India on deferred credit terms.
  • It also facilitates investment by Indian companies abroad for setting up joint ventures, subsidiaries and for overseas acquisitions.
  • So far it has 245 LoCs in place, covering 63 countries in Africa, Latin America, Asia and Commonwealth of Independent States (CIS) with credit commitments of around US $24.24 billion, available for financing exports from the country.