Extension of the Indian Development and Economic Assistance Scheme
Updated: Nov 18, 2015 04:57:21pm
New Delhi, Nov 18 (KNN) Cabinet has given its approval for second extension to the Indian Development and Economic Assistance Scheme (IDEAS).
The Government of India has been extending Lines of Credit to African and other developing countries under this Scheme since 2005-06. The first extension to the scheme was granted in 2009-2010.
Since the objectives of the scheme continue to be relevant, it has been decided to give second extension to the Scheme for another five years i.e. from 2015-16 to 2019-20.
Financial implication is towards payment of Interest Equalization Support to the lending bank, for which budgetary provision shall be made by the Department of Economic Affairs every year.
The amount includes the interest equalization support on existing LoCs as well as new LoCs to be issued during 2015-16 to 2019-2020.
The LoCs are presently being operated through Export-Import Bank of India, which raises resources from the market and provides LoCs to recipient Governments at concessional rates. (KNN Bureau)
The Government of India has been extending Lines of Credit to African and other developing countries under this Scheme since 2005-06. The first extension to the scheme was granted in 2009-2010.
Since the objectives of the scheme continue to be relevant, it has been decided to give second extension to the Scheme for another five years i.e. from 2015-16 to 2019-20.
Financial implication is towards payment of Interest Equalization Support to the lending bank, for which budgetary provision shall be made by the Department of Economic Affairs every year.
The amount includes the interest equalization support on existing LoCs as well as new LoCs to be issued during 2015-16 to 2019-2020.
The LoCs are presently being operated through Export-Import Bank of India, which raises resources from the market and provides LoCs to recipient Governments at concessional rates. (KNN Bureau)
Loading...
