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Cabinet approves MoU between India and Korea for export credit of USD 9 billion

Cabinet approves MoU between India and Korea for export credit of USD 9 billion

India Blooms News Service | | 07 Jun 2017, 04:27 pm
New Delhi, June 7 (IBNS): The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the proposed Memorandum of Understanding (MoU) between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for export credit of USD 9 billion for infrastructural development in India and for the supply of goods and services as part of projects in third countries.

The MoU is proposed to be signed between the two banks during the forthcoming visit of the Finance MinisterArun Jaitley, to Seoul, Korea during 14-15 June 2017 for the Annual Financial Bilateral Dialogue.

The decision is expected to promote the country’s international exports, and deepen political and financial ties between India and Korea, read a government statement.

The export credit will be utilized through lending by EXIM Bank for promoting projects for priority sectors, including smart cities, railways, power generation and transmission etc., in India and for the supply of goods and services from India and Korea as part of projects in third countries.