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Centre to route all Line of Credit through Exim Bank
New Delhi, June 08: As part of its export initiative, the Government has taken a decision to route all Line of Credit (LC) through the Export-Import Bank.
New Delhi, June 08: As part of its export initiative, the Government has taken a decision to route all Line of Credit (LC) through the Export-Import Bank.
"The Exim bank has played a major role in promoting exports which have crossed the 50 billion dollar mark during 2002-03. The Government has now taken a decision to route all LCs through our bank", the General Manager and Regional Resident Representative Sunil Trikha said here.
He said the Exim bank was currently negotiating a 15 million Line of Credit with the Afro Exim bank and already had a 200 million dollar LC for import into Iran. Besides a 10 million LC is also functional with a bank in Algeria, he said adding a five million dollar Line of Credit was also operational with the Eastern and Southern African Trade and Development Bank (PTA Bank).
The PTA Bank member countries include Burundi, Comoros, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Somalia, Sudan, Tanzania, Uganda, Zambia and Zimbabwe, Trikha said. Bureau Report
"The Exim bank has played a major role in promoting exports which have crossed the 50 billion dollar mark during 2002-03. The Government has now taken a decision to route all LCs through our bank", the General Manager and Regional Resident Representative Sunil Trikha said here.
He said the Exim bank was currently negotiating a 15 million Line of Credit with the Afro Exim bank and already had a 200 million dollar LC for import into Iran. Besides a 10 million LC is also functional with a bank in Algeria, he said adding a five million dollar Line of Credit was also operational with the Eastern and Southern African Trade and Development Bank (PTA Bank).
The PTA Bank member countries include Burundi, Comoros, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Somalia, Sudan, Tanzania, Uganda, Zambia and Zimbabwe, Trikha said. Bureau Report