Chapter 28



28.1 The Government of United Arab Emirates first extended a loan of US$ 50 million through an agreement dated 27.2.1975 to finance part of the cost of one million tonnes of crude oil supplied by them to India during 1975-76. They subsequently extended another loan of US$ 20 million for economic development under an agreement dated 13.1.1976. Both these loans were fully utilised by the end of 1976-77.

28.2 Details of utilisation of loans and debt servicing thereof are given in Annexure-I.