The Export-Import Bank of India (India Exim) has extended an additional US$100mn line of credit to Vietnam to finance the purchase of equipment and supplies.

Under the agreement, India Exim will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The US$100mn line of credit will be used for sourcing of goods and services from India, the bank states.

India Exim has to date extended four credit lines to Vietnam worth a total of US$191.5mn.

The funds have supported the export of equipment for the Nam Chien hydropower project in Vietnam, cold rolling steel, hydraulic power equipment, and also tea processing machinery.

A bank representative says to GTR that it now has “195 credit lines in place, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$10.71bn, available for financing exports from India”.