CURRENT AFFAIRS

Detailed explanation-1: -exim bank: Exim Bank extends $500 million loan facility to 15-nation group in Africa - The Economic Times.

Detailed explanation-2: -The Export Import Bank (EXIM) of India and the Government of Sri Lanka on Wednesday signed a $500- million Line of Credit agreement aimed at helping Sri Lanka cope with its current fuel shortages, amid one of the worst economic meltdowns facing the island nation.

Detailed explanation-3: -Exim Bank was established by the Government of India, under the Export-Import Bank of India Act, 1981 as a purveyor of export credit, mirroring global Export Credit Agencies. Exim Bank serves as a growth engine for industries and SMEs through a wide range of products and services.

Detailed explanation-4: -Export-Import Bank of India (Exim Bank), set up under an Act of Parliament, is the apex financial institution engaged in financing, facilitating and promoting India’s International trade and investment. Established in 1982, Export-Import Bank of India is a wholly owned Govt. of India entity.

Detailed explanation-5: -Exim Bank extends Lines of Credit (LOCs) to overseas governments, financial institutions, regional banks and other overseas entities, to finance India’s exports to those countries. Exim Bank’s LOC is a risk-free, non-recourse export financing option available to Indian exporters for promoting their exports.