CURRENT AFFAIRS

Detailed explanation-1: -Export-Import Bank of India (Exim Bank) has extended a line of credit of USD 500 million to Sri Lanka for financing the purchase of petroleum products. With the signing of the agreement, Exim Bank, to date, has extended 10 lines of credit to the Sri Lankan government.

Detailed explanation-2: -MUMBAI : Export-Import Bank of India (Exim Bank) on Thursday said it has, on behalf of the government of India, extended a line of credit of $500 million to the government of the socialist republic of Sri Lanka for financing purchase of petroleum products. The agreement to this effect, was signed by S. R.

Detailed explanation-3: -With the signing of the LOC agreement for USD 500 million, Exim Bank, to date, has extended 10 lines of credit to the Sri Lankan government on behalf of the Indian government, taking the total value of LOCs extended to USD 2.18 billion, a release said.

Detailed explanation-4: -LOC is a financing mechanism that provides a safe mode of non-recourse financing option to Indian exporters, especially to Small and Medium Enterprises (SMEs), to enter new export markets or expand business in existing export markets without any payment risk from the overseas importers.

Detailed explanation-5: -EXIM BANK, on Behalf of The Government of India, Extends a Short-Term Line Of Credit Of USD 55 Million To The Government Of The Socialist Republic Of Sri Lanka.