Exim Bank to give $19.5 mn line of credit to Vietnam

MUMBAI: Exim Bank has provided a $ 19.50 million Line of Credit to Vietnam for financing two projects in that country, the Reserve Bank said today.

" Export-Import Bank has entered into an agreement with Vietnam, for making available to the latter, a Line of Credit of $ 19.50 million for financing eligible goods, machinery, equipment, works and services including consultancy services from India for the purpose of financing two projects in Vietnam," RBI said in a notification.

Of the total credit, goods and services, including consultancy, of the value of at least 75 per cent of the contract price will be supplied from India. The remaining 25 per cent may be procured from outside India.

Line of credit allows borrowers to draw on the credit as and when required.