Exim Bank has extended a line of credit of $2m to the Trade & Investment Development Corporation of the Philippines (TIDCORP) to support India's exports to the Philippines.
Under the line of credit, importers based in Philippines would make advance payment of 10 per cent of the contract value and credit would be provided by Exim Bank for 90 per cent of the contract value to TIDCORP.
Exim Bank would reimburse Indian exporters on shipment of goods. The credit period would be up to five years, said an Exim Bank statement.
TIDCORP is a Philippine Government-owned financial institution which offers medium- and long-term direct lending programme for small, medium and large exporters, credits to industrial concerns for their import requirements, pre-shipment credits, credit insurance and guarantees.
Source: Financial Times
