India has finalised a new system to speed up sale of military equipment to friendly countries like Bangladesh, Vietnam, Sri Lanka, Afghanistan, Myanmar and others through defence lines of credit (LoC), which is akin to the much-touted foreign military sales (FMS) programme of the US. Besides boosting arms exports, the defence ministry officials say the new procedure will “substantially enhance the pace of utilisation of the defence LoCs” extended to friendly countries.
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