Exim Bank extends USD 19.5M LOC to Vietnam

Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended an additional Line of Credit (LOC) of USD 19.50 M to the Government of the Socialist Republic of Vietnam, for financing two projects in the country. The LOC Agreement was signed after the 15th meeting of India-Vietnam Joint Commission on Trade, Economic, Scientific and Technological Cooperation in New Delhi, on Thursday July 11, 2013, by Mr. T.C.A Ranganathan, Chairman and Managing Director, on behalf of Exim Bank and Mr. Truong Chi Trung, Vice Minister, Ministry of Finance on behalf of the Government of the Socialist Republic of Vietnam. With the signing of the LOC Agreement, Exim Bank, till date has extended three Lines of Credit to Vietnam, taking the total value of USD 91.50 M. The LOCs have supported export of items like equipments for hydro power project, cold rolling steel, carding and spinning machines, hydraulic power equipment, tea processing machinery and the Nam Chien Hydropower Project in Vietnam.