India enhances credit facility for Bhutan
Friday, 18 July 2008
NEW DELHI, July 17 (PTI): India yesterday decided to enhance the standby credit facility for Bhutan to Rs. 400 crore and promised to step up assistance in socio-economic development of the Himalayan Kingdom.
During talks between Prime Minister Manmohan Singh and his Bhutanese counterpart Lyonpo Khandu Wangchuck here, the Indian side also agreed to positively consider Bhutan's request for removal of export duty on the supply of industrial raw material including coal and steel billets.
"India has decided to revitalise the standby credit facility for Bhutan, enhancnig the amount to Rs. 400 crore," External Affairs Ministry spokesman Navtej Sarna said.
The credit would be drawn on favourable terms by Bhutan, as and when necessary, to ensure stability of its currency reserves and to meet its obligations, he said, adding an agreement in this regard will be finalised soon.
During talks between Prime Minister Manmohan Singh and his Bhutanese counterpart Lyonpo Khandu Wangchuck here, the Indian side also agreed to positively consider Bhutan's request for removal of export duty on the supply of industrial raw material including coal and steel billets.
"India has decided to revitalise the standby credit facility for Bhutan, enhancnig the amount to Rs. 400 crore," External Affairs Ministry spokesman Navtej Sarna said.
The credit would be drawn on favourable terms by Bhutan, as and when necessary, to ensure stability of its currency reserves and to meet its obligations, he said, adding an agreement in this regard will be finalised soon.