Exim Bank signs USD 10 mn LoC with NBU

Mumbai, Aug 25 (UNI) Exim Bank today said it has signed a Line of Credit (LoC) of USD 10 million with National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU).

Exim Bank and NBU have signed an agreement of LoC under which the former will finance India's exports to Uzbekistan and also facilitate and boost export to it, the bank said in a release.

Exim Bank will reimburse 90 per cent of contract value to Indian exporters upfront upon the shipment of goods, it said. India's export to Uzbekistan in FY 2007-08 amounted to USD 79-million registering an increase of 37 per cent over the previous year.

Main products exported from India to Uzbekistan are drugs, pharmaceuticals and fine chemicals, machinery and instruments, including metal manufactures.

Exim Bank has now in place 100 LoC, covering 91 countries in Africa, Asia, Latin America, Europe and the Commonwealth of Independent States (CIS) with credit commitments amounting to USD 3.28 billion, available for utilisation for financing exports from India.

UNI PP RN SKB2008