Latest News | Exim Bank to Provide USD 100 Mn Loan to Mauritius for Procuring Defence Items
Get latest articles and stories on Latest News at LatestLY. The government will provide a soft loan of USD 100 million to Mauritius for the procurement of defence items by the island nation.
Mumbai, Aug 12 (PTI) The government will provide a soft loan of USD 100 million to Mauritius for the procurement of defence items by the island nation.
The Export-Import Bank of India (Exim Bank) has entered into an agreement for USD 100 million line of credit to Mauritius for procurement of defence items from India, the RBI said in a release on Thursday.
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The agreement was signed on February 19, 2021, the RBI said.
Under the agreement, India will export eligible goods and services to Mauritius. Line of credit or soft loans are charged at nominal rate of interest.
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"Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India, and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India," it said.
The agreement under the LoC is effective from July 22, 2021.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)