Mumbai, Sep 19 (UNI) In a move to strengthen bilateral trade relations with Nepal, Export-Import Bank of India has extended a Line of Credit (LOC) of 100 million US Dollars to the Government of Nepal for financing various infrastructure development projects including road, rural electrification, power transmission and hydro-power projects.
The Exim Bank here today said in a statement that it has signed an LOC agreement with the Government of Nepal to extend the credit line limit for its development projects. Subsequently, under the agreement, the Nepal Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon the shipment of goods and provisions of services.
The agreement will further strengthen the bilateral trade relations as Nepal is one of the most important trade partners.
India shares 67 per cent of Nepal's total exports and 59 per cent of its total imports, the Bank added.