Cabinet approves MoU between India and Korea for export credit of USD 9 billion

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposed Memorandum of Understanding (MoU) between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for export credit of USD 9 billion for infrastructural development in India and for the supply of goods and services as part of projects in third countries.

The MoU is proposed to be signed between the two banks during the forthcoming visit of the Finance Minister Shri Arun Jaitley, to Seoul, the capital city of South Korea during 14-15 June 2017 for the Annual Financial Bilateral Dialogue. The decision is expected to promote the country’s international exports, and deepen political and financial ties between India and South Korea.
Static takeaways for IBPS PO exam-
  • EXIM Bank was established by the Government of India, commenced operations in 1982 under the Export-Import Bank of India Act, 1981
  • David Rasquinha is the Current MD of EXIM Bank of India
  • Headquarter of Export–Import Bank of Korea is in Seoul, South Korea.
Source- Press Information Bureau (PIB)

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