CURRENT AFFAIRS

Detailed explanation-1: -India has extended a line of credit of USD 75 million (over Rs 500 crore) to Cuba for financing solar parks.An agreement signed between Export-Import Bank of India (Exim Bank) and Banco Exterior De Cuba in July last year came into effect from December 12, the RBI said in a statement on Thursday.

Detailed explanation-2: -The Line of Credit – LOCs also helps to promote exports of Indian goods and services, as 75% of the value of the contract must be sourced from India. The projects under LOCs are spread over different sectors (Agriculture, Infrastructure, Telecom, Railway, Transmission/Power, Renewable Energy, etc.).

Detailed explanation-3: -Q. Which country received a line of credit (LOC) of $75 million from India, for installation of solar parks? Notes: India has extended a line of credit (LOC) of $75 million through its Exim Bank to Cuba for financing solar parks.

Detailed explanation-4: -Exim Bank’s own commercial Lines of Credit Our own LOCs are offered to economically strong and developing countries. We finance all items eligible for being exported under the “Foreign Trade Policy” of the Indian Government. Our LOCs are typically linked to LIBOR rates and carry a tenor up to seven years.