Exim Bank extends line of credit of USD 40 million to Maldives

Export-Import Bank of India on Thursday said it has extended USD 40 million (around Rs 292 crore) worth of line of credit (LOC) to the Maldives government to provide finance for the development of sports infrastructure. With this, Exim Bank till date has extended five LOCs to Maldives, on behalf of the Indian government, taking the total value of LOCs to USD 1.33 billion, a release said.

Projects covered under these LOCs to Maldives include housing project, Greater Male' Connectivity project, water & sewerage projects, Addu Development project, International Cricket Stadium project, road construction and sports infrastructure.

Exim Bank has now in place 276 LOCs, covering 62 countries in Africa, Asia, Latin America Oceania and the Commonwealth of Independent States (CIS), with credit commitments of around USD 27.02 billion, available for financing exports from India, the release said.


The government agency, with such loans, also helps demonstrate India's expertise and project execution capabilities in emerging markets.