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Exim Bank Extends $400 Million Line of Credit to the Maldives

Image for representation. (Reuters)

Image for representation. (Reuters)

The LoC was signed between Exim Bank General Manager Nirmit Ved and the Maldives Finance Minister Ibrahim Ameer.

The Export-Import Bank of India (Exim Bank) on Monday said it has extended a $400 million Line of Credit (LoC) for the Greater Male Connectivity Project in the Maldives.

The LoC was signed between Exim Bank General Manager Nirmit Ved and the Maldives Finance Minister Ibrahim Ameer.

According to Exim Bank, with the latest, a total of three LoC totaling $1,240 million have been extended by India to the Indian Ocean archipelago nation.

Projects covered under the LoCs extended to the Maldives include the Greater Male Connectivity Project, water & sewerage projects, the Addu Development Project, the International Cricket Stadium Project, the Gulhifalhu Port Project, the Hanimaadhoo Airport Project and the road construction project.

Currently, the Exim Bank has now in place 266 LoCs, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around $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.

first published:October 12, 2020, 17:53 IST
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