Exim Bank extends $ 30.94 million credit to Lao

MUMBAI: Export Import Bank of India ( Exim Bank) today said it has extended $ 30.94 million line of credit (LOC) to Lao People's Democratic Republic (PDR) for irrigation projects in that country.

The LOC, under which Exim Bank gives assistance to improve Indian exports, will help finance the construction of storage dams and development of irrigation systems in four major provinces of Lao PDR, India's premier export finance institution said in a release here.

This is the fourth LOC extended by Exim Bank to the south-east Asian country, it added.

Under the LOC scheme, the Exim Bank reimburses 100 per cent of the contract value to the Indian exporter upfront upon the shipment of goods.

With this, the total number of LOCs in place moves up to 176 with credit commitments of $ 9.37 billion, the state- run finance institution added.