USD 500 million Line of credit to Bangladesh for Defence Procurement
Export and Import Bank of India (EXIM) has entered into an agreement with Bangladesh’s Armed Forces Division on 11th April this year for making a Government of India supported USD 500 million Line of Credit for Defence Procurements.
The agreement under the Line of Credit is effective from the 7th of November 2019, with the terminal utilization period of the loan is 10 years from the date of signing of the agreement.
In April 2018, the EXIM bank under the agreement with Bangladesh Government signed on 4th October 2017 has provided Line of Credit of USD 4.5 billion to Bangladesh on behalf of the Government of India, for the financing of various infrastructure and social projects.
Category: Economy & Banking Current Affairs