Current Affairs PDF

Exim Banks Extended LOC of USD 7.35 Million to Republic of Nicaragua

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

Exim Bank extends LOC of USD 7-35 millionOn February 26, 2021 The Export-Import Bank of India(Exim Bank), on behalf of the Government of India, extended Line of Credit(LOC) of USD 7.35 million(about 54 crore) to the Government of the Republic of Nicaragua.

Purpose: To replace and supply equipment of the High Technology Centre of Hospital Antonio Lenin Fonseca at Managua, Nicaragua.

Key People

An agreement to this effect was signed between Jose Adrian Chavarria Montenegro, Vice-Minister General of the Ministry of Finance and Public Credit, Government of Republic of Nicaragua and Mr. Nirmit Ved, General Manager, Exim Bank on February 18, 2021

About the project:

i.The project under the LOC will improve the quality of life of the patients and provide a modern hospital infrastructure in Nicaragua.

ii.It will also enable  export of medical equipment from India.

Total LOC Agreement Between Exim Bank & Republic of Nicaragua:

i.With the aforementioned LOC agreement, Exim Bank has extended 5 LOC to the Government of the Republic of Nicaragua, with a total value of USD 94.98 million.

ii.These LOCs cover projects in the Power and Healthcare sectors in Nicaragua.

Total LOC Agreement Exim Bank:

i.Till now, Exim bank has signed total 269 LOC, covering 62 countries in Africa, Asia, Latin America and the Commonwealth of Independent States (CIS), with commitments of around USD 26.64 billion which is available for financing exports from India.

ii.Apart from promoting India’s exports, the LOCs also help to demonstrate India’s expertise and project  and project execution capabilities in emerging markets.

Recent Related News:

On December 12, 2020, Export-Import Bank of India (Exim Bank), on behalf of the Government of India, has extended a Line of Credit (LOC) of $448 million to the Government of Republic of Uzbekistan for financing the latter’s various projects in the Roads & Transport, Water and Technology & Communication sectors.

About Export-Import Bank of India(Exim Bank):

Established– 1982
Regulated by –  Reserve Bank of India
Headquarter– Mumbai, Maharashtra
Managing Director– David Rasquinha

About Republic of Nicaragua:

Capital– Managua
President– Daniel Ortega
Currency– Nicaraguan córdoba