India extended LOC to Union of Comoros

India extended LOC to Union of Comoros

On 11th October Vice President M Venkaiah Naidu and President of Comoros Azali Assoumani held wide ranging talks. Both the countries signed six agreements, including one on defence cooperation.

The Vice President of India M. Venkaiah Naidu has conferred with ‘The order of the Green Crescent’. 

It is the highest Civilian Honour of Comoros given by the President of Union of Comoros, Azali Assoumani in Moroni. India established diplomatic relations with the Union of Comoros in June 1976. Comoros is a supporter of India’s permanent membership of the UNSC.

Line of Credit (LOC):

Government of India through the EXIM Bank of India extended a Line of Credit (LOC) of US 41.6 million dollars for setting up a power plant in Moroni. As per an Agreement’s implementation the LOC was signed on 22 February 2013 at New Delhi. 

Key Points 

• Vice President M Venkaiah Naidu announced that the India will extend a Line of Credit of USD 20 million to Comoros for strengthening bilateral defence and maritime cooperation.
• Indian Ocean countries and maritime security is interlinked.
• India's support to Africa as well as its Lines of Credit and Buyers Credit Scheme have been driven by its requirements and your priorities.
• For the year 2018-19 trade with Comoros now stands at USD 47.11 million.