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Exim Bank extends $ 19.5 million credit to Vietnam

MUMBAI: Export-Import Bank of India (Exim) has extended an additional line of credit of $ 19.50 million to the Vietnam government for financing two projects. 

"Exim Bank has, at the behest of Government of India, extended an additional LOC (line of credit) of $ 19.50 million to the Vietnam Government, for financing two projects in Vietnam," an Exim release said here. 

Exim Bank, till date, has extended three lines of credit (including the latest one) to Vietnam valued at $ 91.50 million, it said. 

"The LOCs have supported export of items like equipment for hydro power project, cold rolling steel, carding and spinning machines, hydraulic power equipment, tea processing machinery and the Nam Chien Hydropower Project in Vietnam," the release said. 

Under the latest agreement, 
Exim Bank will reimburse 100 per cent of contract value to the Indian exporters upon shipment of goods. "The LOC will be used for sourcing of goods and services from India," it said. 

Currently, Exim Bank has in place 173 LOCs covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over $ 9.13 billion available for financing exports from India, the release said.