EXIM Bank to provide $250 million credit to African countries
Export -Import Bank of India (EXIM Bank) will provide a $250 million loan to the African countries to buy covid vaccine from India .
Out of this $100 million loan will be provided to Africa Finance Corporation and $150 million loan will be provided to the African EXIM Bank.
Exim Bank was established by the Government of India, under the Export-Import Bank of India Act, 1981.
Function of the Bank
- It provides loans to foreign company, government etc to buy goods and services from India
- It provides loans to the Indian exporter companies to import technology and products so as to make goods and sell them to foreign countries , boosting exports from India.
Headquarters of EXIM Bank : Mumbai
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