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IL&FS urges Exim Bank to release funds to end Ethiopian hostage crisis, says report

IL&FS urges Exim Bank to release funds to end Ethiopian hostage crisis, says report

IL&FS urges Exim Bank to release funds to end Ethiopian hostage crisis, says report
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By CNBC-TV18 Jan 11, 2019 9:49:02 AM IST (Published)

IL&FS has requested Export-Import Bank of India (Exim Bank) to release about 4.89 million Ethiopian birr in order to end Ethiopian hostage crisis, reported The Hindu Business Line.

IL&FS has requested Export-Import Bank of India (Exim Bank) to release about 4.89 million Ethiopian birr in order to end Ethiopian hostage crisis, reported The Hindu Business Line.

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As per the report, the development comes as IL&FS is seeking ways to secure the release of its four employees who were held hostage by local staff in Ethiopia.
The local staff working in IL&FS’ joint venture in Ethiopia, ITNL-Elsamex JV Bure, have demanded an additional four months’ net salary for the release of the Indian staff held hostage since November, said the report.
In addition, the report added that the bank has requested additional 500,000 Ethiopian Birrs to be “unblocked as emergency fund” to pay the stranded Indian employees, struggling to meet day to day expenses.
However, the report indicated that it is unlikely that Exim Bank would change its stand in the matter.
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