New Delhi, Nov 12 (IANS) The Centre will release Rs 3,000 crore to EXIM Bank to provide Lines of Credit for project exports, Finance Minister Nirmala Sitharaman announced on Thursday
EXIM Bank extends Lines of Credit (LOC) on behalf of the Indian government, as assistance to developing countries under ‘IDEAS’ scheme. It promotes Indian export by mandating recipient countries to import 75 per cent value of the LOC.
The projects supported through the scheme by EXIM Bank cover railways, power, transmission, road and transport, auto and auto components, sugar projects among others.
So far, 811 export contracts, aggregating to $10.50 billion are being financed under LoCs.
The announcement is part of Centre’s third round of stimulus which the Finance Minister described as “Atmanirbhar Bharat 3.0”.
–IANS
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