India's export-import bank has launched a credit line worth 25 million USD for the Russian Foreign Trade Bank (Vneshtorgbank). According to Vneshtorgbank, the move aims at encouraging Indian goods export to the Russian market.
The presentation of the credit line was held on Tuesday at the Indian Embassy in Moscow. The participants noted that one of the key conditions for receiving loans was import contracts with India. Besides, the contract must be approved by India's Eximbank.
The payments on the credits will be made over a five-year period starting from the issuing date.