Financial Daily from THE HINDU group of publications
Saturday, Jul 26, 2003
Financial Daily from THE HINDU group of publications Saturday, Jul 26, 2003 |
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Money & Banking
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Financial Institutions Exim Bank extends line of credit to Djibouti bank Our Bureau
Mumbai , July 25 EXPORT Import Bank of India has extended a line of credit of $10 million to the Central Bank of Djibouti to support India's exports. An agreement to this effect was signed in Mumbai on Thursday by Mr R.M.V. Raman, Executive Director, Exim Bank, and Mr Djama M. Haid, Governor of Central Bank of Djibouti, according to an Exim Bank release. Under the line of credit, importers from Djibouti will be required to make an advance payment of 10 per cent of the contract value to the Indian exporters. The remaining amount will be reimbursed by Exim Bank to the exporters upfront upon the shipment of goods. The credit period available to the importers through the Central Bank of Djibouti is up to 10 years.
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