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Our Bureau

New Delhi, May 1 The Cabinet Committee on Economic Affairs (CCEA) on Thursday gave its nod for waiver of dues of Indian companies on Cuba amounting to Rs 347 crore.

The CCEA also gave its approval for reimbursement (principal + interest) of the dues to individual companies amounting to Rs 128 crore.

Briefing reporters on the decision, the Finance Minister, Mr P. Chidambaram, said that this will facilitate resumption of credit facilities/insurance cover by Exim bank and the Export Credit Guarantee Corporation of India (ECGC) to Cuba to enhance bilateral trade and investment.

Indian companies — CIMMCO Birla Ltd, PEC Ltd and Hiralal Printing Works — had exported goods to Cuban companies. EXIM Bank of India extended credit facilities to Cuban buyers and CIMMCO Birla Ltd.

While some amount has been received by exporters, most of the dues remain unpaid by Cuban companies.

The total principal dues amounting to Rs 135.41 crore and accumulated interest of Rs 211.78 crore as on March 31, 2007 are outstanding on Cuba.

Most of the exports of the three companies and the credit by EXIM Bank were covered by ECGC insurance cover. Due amounts were paid by ECGC, in accordance to insurance policy.

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