Mumbai: Export-Import Bank of India on Thursday said it has extended $40 million (around Rs 292 crore) worth of line of credit (LOC) to 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 $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 $27.02 billion, available for financing exports from India, the release said.