Export-Import Bank of India (Exim Bank) has entered into agreements with Cuba and Myanmar to provide multi-million US dollar credit lines for exports of Indian goods and services.

Under the agreement, letters of credit (L/Cs) can be opened and disbursements made for Indian firms undertaking work in specific projects in the two countries.

Cuba

Exim Bank has entered into an agreement with the Banco Exterior De Cuba to make a credit line of US$2.712 million available for financing the setting up of a bulk blending fertiliser plant in Cuba.

The last date for opening L/Cs for goods, machinery, equipment and services including consultancy services eligible under the agreement will be 48 months from the scheduled completion dates of contracts in the case of project exports and 72 months from the execution date of the credit agreement in the case of supply contracts.

Myanmar

Exim Bank has agreed to extend a credit line of US$198.96 million to the Myanmar Foreign Trade Bank. It aims to support the financing of 18 irrigation projects in Myanmar.

The last date for opening of L/Cs will be 48 months from the scheduled completion date of contract in the case of project exports and 72 months from the execution date of the agreement in the case of other supply contracts.

Exim Bank has entered into similar agreements with Rwanda (DC World News, 2 January 2014, Togo (DC World News, 5 November 2014) and Niger (DC World News, 8 December 2014).

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