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
You may also like
-
Piyush Goyal’s Canada Visit Signals Fresh Momentum in India–Canada Trade Ties
-
India Sends 20 Tonnes of Vaccine Support to Afghanistan, Strengthening Its Humanitarian Outreach
-
CII-Cyprus Chamber MoU Opens New Pathway for India-Cyprus Trade, Investment and Technology Cooperation
-
India and Italy Elevate Ties to Special Strategic Partnership, Opening a New Chapter in Defence, Trade and Technology Cooperation
-
India Signs Bilateral Protocol Backing Ethiopia’s WTO Accession, Signals Stronger Global South Trade Partnership
