Financial Daily from THE HINDU group of publications
Saturday, Feb 16, 2002
Financial Daily from THE HINDU group of publications Saturday, Feb 16, 2002 |
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Industry & Economy
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Exports & Imports Exim credit for bank in Colombia Our Bureau
MUMBAI, Feb. 15 THE Export Import Bank of India plans to extend a line of credit of $10 million to Banco de Comercio Exterior de Colombia, S.A. (Bancoldex) in a bid to support India's exports to Colombia. As per the LoC, importers based in Colombia will make advance payment of 10 per cent of contract value and credit will be provided by Exim Bank for 90 per cent of contract value to Bancoldex. Exim Bank will reimburse Indian exporters on shipment of goods. The credit period will be up to five years, according to a press release. An agreement to this effect has been signed by both the banks in Bogota, the Colombian capital. On this occasion Indian-Columbia joint business forum was also launched, the release said. Bancoldex is among the largest financial institutions in Columbia by asset size and equity. It is a 99.7 per cent State-owned export finance institution.
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