June 20, 2021 16:06 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
All coronavirus deaths to be certified, action against defaulters: Centre informs Supreme Court | 2.1 magnitude earthquake hits Delhi, no damage reported | Uttar Pradesh govt relaxes Covid curbs, allows malls, restaurants to open on weekdays | Kaliachak family murder: Police recover firearms, cartridge from primary accused Asif Mohammed's friends | Kolkata man who 'officially died' in 2010 Jnaneswari Express accident detained by CBI
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.