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Exim in Africa, Asia strategic push

Last Updated 28 July 2015, 17:17 IST

 At a time when India’s exports to traditional destinations are shrinking, country’s premier export financing institution Exim Bank has almost doubled its line of credit or soft loans to neighbouring Asian, and African countries.

The lines of credit come with a rider that 75 per cent of the money has to be pumped into imports from India.

The move seeks to give impetus to the manufacturing sector under the Modi government’s initiative of ‘Make in India’.

“With regard to lines of credit, we are engaging more with our neighbours and also with our strategic partners. Under the Modi government, India has extended soft loans to the tune of $6 billion, including the recent $2 billion to Bangladesh,” Exim Bank chairman Yaduvendra Mathur told Deccan Herald.

The Prime Minister had recently also announced $1 billion each to Nepal and Mongolia during his visits to these two countries and another $500 million to Mauritius.

These LoCs create export opportunities to Indian companies and create thousands of jobs back in India, said Mathur.

Looking East

Loans amounting to $ 6 billion extended by India Bangladesh, Nepal, Mongolia and Mauritius among receivers
EXIM encouraging Indian cos to set up manufacturing units
Cambodia, Laos, Vietnam and Mynmar among destinations


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(Published 28 July 2015, 17:16 IST)

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