The Cabinet Committee on Economic Affairs (CCEA) on May 1 gave its clearance for waiver of dues of Indian companies on Cuba totaling to Rs 347 crore. The CCEA also gave its clearance for reimbursement (principal + interest) of the dues to individual companies amounting to Rs 128 crore.
The Finance Minister, Mr P. Chidambaram, said that this would facilitate resumption of credit facilities/insurance cover by Exim bank and the Export Credit Guarantee Corporation of India (ECGC) to Cuba to raise bilateral trade and investment. Indian companies CIMMCO Birla Ltd, PEC Ltd and Hiralal Printing Works had exported goods to Cuban companies. EXIM Bank of India expanded credit facilities to Cuban purchasers and CIMMCO Birla Ltd. The total principal dues totaling to Rs 135.41 crore and accumulated interest of Rs 211.78 crore as on March 31, 2007 are outstanding on Cuba.
The Finance Minister, Mr P. Chidambaram, said that this would facilitate resumption of credit facilities/insurance cover by Exim bank and the Export Credit Guarantee Corporation of India (ECGC) to Cuba to raise bilateral trade and investment. Indian companies CIMMCO Birla Ltd, PEC Ltd and Hiralal Printing Works had exported goods to Cuban companies. EXIM Bank of India expanded credit facilities to Cuban purchasers and CIMMCO Birla Ltd. The total principal dues totaling to Rs 135.41 crore and accumulated interest of Rs 211.78 crore as on March 31, 2007 are outstanding on Cuba.
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