November 14, 2024
Under PM Modi, India’s Development Grants To Other Countries Grew By 154 Per Cent To $28 Billion In FY19
Diplomacy

Under PM Modi, India’s Development Grants To Other Countries Grew By 154 Per Cent To $28 Billion In FY19

While the country extended 195 lines of credit worth $11 billion in 2013-14 to developing economies across the world, 278 lines of credit worth $28 billion were given to 63 countries in 2018-19.

By Kautilya / May 1, 2019

Under the NDA government, India’s development assistance to countries in Asia, Africa and Latin America has increased by more than twofold in the past five years, reports Mint.

While the country extended 195 lines of credit worth $11 billion in 2013-14 to developing economies across the world, 278 lines of credit worth $28 billion were given to 63 countries in 2018-19.

Most of the recipient countries were based in Asia and Africa. Lines of credit refer to loans extended by India to foreign governments at concessional rates. The money lent by India is borrowed at market rates by India’s EXIM Bank from the international market.

Source: FV

Image Courtesy: Modern Diplomacy

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