Thursday 15 October 2020
The Export-Import Bank of India (Exim Bank) on behalf of the Government of India has prolonged a Line of Credit (LoC) of USD 400 million (about Rs 2,932 crore) to the Maldives.
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The comfortable mortgage will likely be used for financing the Greater Male Connectivity Project (GMCP) within the Maldives, which is the single-largest connectivity and infrastructure undertaking within the island nation. LoCs or comfortable loans are concessional loans which are supplied at low cost charges. The comfortable loans to the Maldives have funded connectivity, water, sewerage tasks, Addu Development Project, a global cricket stadium, Gulhifalhu port, Hanimaadhoo airport and street development work.
Important takeaways for all aggressive exams:
- Export-Import Bank of India CEO: David Rasquinha.
- Export-Import Bank of India Founded: 1 January 1982.
- Export-Import Bank of India Headquarters: Mumbai, Maharashtra.
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