Vietnam's Eximbank to handle India's $300 mln textile loan

Reuters

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FBI agents work the scene at the Armed Forces Career Center in Chattanooga, Tennessee, July 16, 2015. FBI agents work the scene at the Armed Forces Career Center in Chattanooga, Tennessee, July 16, 2015.

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Vietnam's Eximbank will disburse any loans under India's $300 million credit for projects which use Indian-made equipment with value of up to 75 percent of the project's total investment, the Vietnamese government's website reported.
Each loan carries a 10-year span and an interest rate of 2 percent per annum, the website cited a Vietnam Textile and Apparel Association report as saying. Textile and garment exports are Vietnam's second-biggest cash earner after phones and accessories.
The credit comes ahead the Trans-Pacific Partnership (TPP) free trade pact being negotiated among 12 countries - including Vietnam but not India - which requires raw materials to be made locally or sourced from 12 TPP members.

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