ICCK

The Union Cabinet led by the Prime Minister Narendra Modi has 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, said an official release by the GoI on Wednesday.

The Union Cabinet led by the Prime Minister Narendra Modi has 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, said an official release by the GoI on Wednesday.

The MoU is proposed to be signed between the two banks during the forthcoming visit of the Finance Minister Arun 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. The export credit will be utilised 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.

http://www.indiainfoline.com/article/news-top-story/mou-between-india-and-korea-cabinet-approves-mou-between-india-and-korea-for-export-credit-of-usd-9-billion-117060700460_1.html