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Exim Bank Extends USD 100 Million LOC To Sri Lanka

Exim Bank's LOCs enable the demonstration of Indian expertise and project execution capabilities in emerging markets.

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Export-Import Bank of India (Exim Bank) on Thursday said it has extended USD 100 million worth of line of credit (LOC) to the Sri Lankan government for financing projects in the solar energy sector.

With the signing of this agreement, Exim Bank, so far, has extended nine LOCs to Sri Lanka, on behalf of the Indian government, taking the total value of LOCs extended to USD 1.68 billion, a release said.

Projects covered under the finance extended to Sri Lanka include the supply of petroleum products, railway projects, defence and infrastructure projects, it added.

Exim Bank has now in place 272 LOCs, covering 62 countries in Africa, Asia, Latin America and the Commonwealth of Independent States (CIS), with credit commitments of around USD 26.84 billion, available for financing exports from India.

Besides promoting India's exports, Exim Bank's LOCs enable the demonstration of Indian expertise and project execution capabilities in emerging markets.

(PTI)