Export and Import Bank of India (EXIM) is to tie-up credit lines worth $75 million with five African and central Asian countries.
"We are working on details for credit lines to boost Indian exports and hope to firm up agreements by the end of March 2004," said T C Venkat Subramanian, chairman and managing director.
The bank would extend a $25 million credit line to Tajikistan and Syria each and $10 million each to Kazakhstan and Mongolia.
Indian companies have limited trade presence in Africa and the Central Asian republics, which were part of the erstwhile Soviet Union, he said.
The bank would also sign a pact with Angola to extend a $5 million credit line. As part of plans to provide support to grow Indian trade presence in French-speaking Africa, EXIM Bank plans to pick up a small stake in the West African Development Bank by investing $1 million, he added.
Source: ndtv.com
