Putin-friendly country lures customers: who offers cheap loans for weapons

The world's largest arms importer after Ukraine is expanding the ability of the state-owned Export-Import Bank (EXIM) to offer long-term, low-cost loans to clients, including those whose political or credit risks may limit their access to conventional financing, two Indian officials and three industry sources told Reuters.

“New Delhi will also sharply increase the number of defense attachés in its foreign missions under a new program that will see the government directly negotiate some arms sales deals,” the publication said. — “India is particularly targeting governments that have long relied on Russia for arms, two of the people said.”

India’s plans, which were previously unreported by 15 people who spoke to Reuters, mark an unprecedented effort by the government to attract and finance foreign buyers at a time when the world is rearming and long-standing geopolitical relationships are being rethought.

“India is moving towards achieving its goal of increasing its defense exports,” Defense Minister Rajnath Singh wrote on Twitter in April.

One turning point was Russia’s invasion of Ukraine in February 2022, according to an Indian official involved in boosting arms exports.

At the same time, India has begun to receive more and more requests.

According to government data, India produced $14.8 billion worth of arms in the 2023-2024 fiscal year, a 62% increase from 2020.

Source: Reuters.

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