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The Export-Import Bank of India [Exim Bank] on Wednesday said at the behest of Government of India it has extended an additional Line of Credit (LoC) of $100 million to the Government of the Socialist Republic of Vietnam for financing the purchase of equipment/supplies in Vietnam.
With the signing of the LoC Agreement, Exim Bank, till date has extended four Lines of Credit to Vietnam, taking the total value of LoCs extended to Vietnam to $191.50 million.
Lines of Credit
The LoCs have supported export of items like equipment for hydro power project, cold rolling steel, carding and spinning machines, hydraulic power equipment, and tea processing machinery and the Nam Chien Hydropower Project in Vietnam.
Under the LoC, Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon shipment of goods. The LoC will be used for sourcing of goods and services from India.
Exim Bank has now in place 195 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over $10.71 billion, available for financing exports from India.
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