The LOC is the first tranche of the USD 50 million sanctioned by the Exim Bank to the country, a release said.
Mumbai: The Export-Import Bank of India (Exim Bank) on Wednesday said it has extended USD 10 million worth of line of credit (LOC) to Seychelles for healthcare and procurement of goods and projects. The LOC is the first tranche of the USD 50 million sanctioned by the Exim Bank to the country, a release said.
With this agreement for USD 10 million, Exim Bank, till date, has extended two LOCs to Seychelles, taking the total value to USD 28 million. Earlier this week, the bank had extended two LOCs aggregating USD 31 million to the Republic of Suriname for upgradation of transmission line network and maintenance of Chetak helicopters there.
Exim Bank has 233 LOCs in place at present, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 22.86 billion, available for financing exports from India, the release said.