INDIA: The LOC Agreement to this effect was signed on Monday, October 12, 2020, in Male, the Maldives between Mr. Nirmit Ved, General Manager, Exim Bank, and Hon’ble Minister of Finance, Mr. Ibrahim Ameer, Government of Republic of Maldives.
With the signing of the above LOC Agreement for USD 400 million, Exim Bank, to date, has extended 3 (three) Lines of Credit to the Government of the Republic of Maldives, on behalf of the Government of India, taking the total value of LOCs to USD 1,240 million. Projects covered under the LOCs extended to the Government of the Republic of Maldives include Greater Male’ Connectivity Project, Water & Sewerage Projects, Addu Development Project, International Cricket Stadium Project, Gulhifalhu Port Project, Hanimaadhoo Airport Project, and Road Construction Project.
With the signing of this LOC Agreement, Exim Bank has now in place 266 Lines of Credit, covering 62 countries in Africa, Asia, Latin America, and the CIS, with credit commitments of around USD 26.40 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.
A LOC Agreement of USD 400 million was signed between Mr. Nirmit Ved, General Manager, Exim Bank, and Hon’ble Minister of Finance, Mr. Ibrahim Ameer, Government of the Republic of Maldives, for undertaking the Greater Male’ Connectivity Project.
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