NDIA REITERATES LOAN OFFER FOR PHILIPPINES DEFENCE MODERNIZATION

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The Indian government has reiterated its concessional line of credit offer

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The offer was floated anew during the 5th India-Philippines Joint Commission 

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On defence cooperation, both Ministers expressed keen interest to continue to work 

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 including through the regular or upgraded official level interaction 

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The line of credit being offered by India is a soft loan

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provided on concessional interest rates to developing countries

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based on the national priorities of the borrowing countries

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India Ambassador to the Philippines Shambhu Kumaran said the broad terms

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of the Export-Import Bank of India (EXIM Bank) line credits are 1.75 percent

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