Union Cabinet’s nod to RBI for buying $4.3 bn World Bank bonds

The Reserve Bank of India (RBI) was given nod by the Union Cabinet to invest $4.3 billion in special bonds of the World Bank as it would help in securing extra funding from the multilateral lending agency for infrastructure development projects.

How would this move benefit?

With this decision, RBI will be able to sign a special private placement bond agreement with the International Bank for Reconstruction and Development, the World Bank’s lending arm, which will provide additional borrowing space.

Month: Categories: Business, Economy & Banking

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India, Kyrgyzstan agree to bolster defence ties

India and Kyrgyzstan have agreed to further strengthen bilateral defence cooperation in areas, including training, UN peacekeeping and defence industry. It was decided at a meeting between Defence Minister A K Antony and Kyrgystan Defence Minister Taalaibek Omuraliev who is on India visit.

Indo-Kyrgyztan relations:

India has traditionally warm and friendly political ties with the Kyrgyz Republic. Kyrgyzstan also supports India’s stand on Kashmir and have welcomed the ongoing peace process. Kyrgyzstan also supports India’s claim for permanent seat at the United Nations Security Council and India’s role in the Shanghai Cooperation Organization(SCO).

On the trade side, Indo-Kyrgyz trade totaled US$23.56 million in 2010-11. India’s exports to Kyrgyzstan was US$22.56 million whereas Kyrgyz exports to India amounted to only US$1.2M. Apparel and clothing, leather goods, drugs and pharmaceuticals, fine chemicals, and tea are some of the important items in India’s export basket to Kyrgyzstan. Kyrgyz exports to India consist of raw hides, metalifers ores and metal scrap etc.

 

Month: Categories: International

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