Under the LoC, the Export-Import Bank of India (Exim Bank) will reimburse 100 per cent of contract value to Indian exporters, upfront upon shipment of goods. The LoC will be used for sourcing of goods and services from India.
An agreement was signed by Exim Bank's Managing Director David Rasquinha and Ivorian Minister of Planning and Development Niale Kaba.
Exim Bank said with the signing of the agreement, it has so far extended six LoCs worth $207.70 million to Cote d'Ivoire.
This has helped finance the export of agricultural machinery and equipment, agricultural processing plants, buses and spare parts, and services for projects in areas such as rural electrification and transmission lines.
Others areas covered include construction of power sub-stations, fisheries development and the setting up of a Biotechnology and an Information Technology Park in the country.
India imports from Cote d'Ivoire cashew, manganese ore, cotton, wood, scrap metals and rubber. Cote d'Ivoire is the second largest exporter of cashew in the world.
India's main exports are cereals (rice), pharmaceutical products, machinery, articles of iron, chemicals, plastics, rubber products and vehicles.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.