With the signing of the above agreement, Exim Bank has till date extended three LoCs worth a cumulative USD 1.2 billion to Maldives, on behalf of India.
Exim Bank said the soft loans to Maldives have funded connectivity, water, sewerage projects, Addu Development Project, an international cricket stadium, Gulhifalhu port, Hanimaadhoo airport and road construction work.
Exim Bank has now in place 266 LoCs, covering 62 countries in Africa, Asia, Latin America and the Commonwealth of Independent States (CIS), with credit commitments of around USD 26.40 billion available for financing exports from India.
Besides promoting India's exports, Exim Bank's LoCs enable demonstration of Indian expertise and project execution capabilities in emerging markets, it said.
LoCs or soft loans are concessional loans that are offered at cheap rates.
(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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