Exim Bank extends LOC worth USD 50 mn to Maldives

Export-Import Bank of India (Exim Bank) on Monday said it has extended a line of credit (LOC) worth USD 50 million to the Republic of Maldives for financing of defence projects in the country. An amendatory agreement for repurposing an existing LOC of USD 40 million to include road projects in Maldives was also signed between Exim Bank and Maldives government last week, a release said.

With the signing of the agreement, the bank, till date, has extended four LOCs to Maldives, on behalf of the Indian government, taking the total value of LOCs to USD 1,290 million.

Projects covered under the LOCs extended to Maldives include housing projects, Greater Male' connectivity project, water and sewerage projects, Addu Development Project, international cricket stadium project, defence projects, Gulhifalhu Port Project, Hanimaadhoo airport project and road construction project.

Exim Bank has now in place 268 LOCs, covering 62 countries in Africa, Asia, Latin America and the Commonwealth of Independent States (CIS), with credit commitments of around USD 26.64 billion, available for financing exports from India.