The Export-Import Bank of India will ink a $100 million Line of Credit with the Russian Bank for Development and Foreign Economic Affairs in the next 10-15 days to facilitate export of capital goods from India.
"The $100 million LoC with Vnesheconom Bank will help promote export capital goods from India. The deal will get materialised within 10-15 days," Exim Bank's executive director Prabhakar Dalal told PTI here.
Exim Bank is also in talks with a host of other countries to extend similar assistance and at least three to four deals are expected to be signed over the next two months, he said without giving too many details.
At present, Exim Bank has 123 Lines of Credit (LoC) in 95 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments worth over $4.07-billion.
These LoCs are aimed at facilitating exports in different sectors from India.
Last month, Exim Bank had extended $100 million LoC for Syria to fund a thermal power project and another $15 million for Benin to purchase railways and agriculture equipment, Dalal said.
The lender has also extended $10 million of credit to Senegal under the Team-9 initiative, which envisages a special cooperation model between India and eight countries of West Africa.
Source : Business Standard