2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bangladesh
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China
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Sri Lanka
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Japan
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Detailed explanation-1: -The Indian government has decided to extend a Line of Credit (LOC) of $55 million to Sri Lanka for the procurement of Urea Fertiliser.
Detailed explanation-2: -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.
Detailed explanation-3: -11 Lines of credit (LOC) have been extended to Sri Lanka by the Export-Import Bank of India in the last 15 years. Important sectors in which Projects have been executed/ are under execution, under these LOCs include Railway, transport, connectivity, defence, solar.
Detailed explanation-4: -In order to strengthen Sri Lanka’s food, health and energy security, the Government of India extended a concessional loan of USD 1 billion to the Government of Sri Lanka, through the State Bank of India, on March 17, 2022.
Detailed explanation-5: -The Line of Credit is not a grant but a ‘soft loan’ provided on concessional interest rates to developing countries, which has to be repaid by the borrowing government. Aspirants would find this article very helpful while preparing for the UPSC 2021.