Mumbai, May, 5: the export-import bank of India (Exim bank) has entered into an agreement with the Government of the Republic of Congo for extending a $ 70 million line of credit for financing eligible goods, machinery, equipment and services including consultancy services from India for the Rural Electrification Project in Congo.
According to the notification released by the reserves bank of India, the line of credit (loc) is effective March, 28 of this year and the date of execution of the agreement is December, 24, 2011.
“Exim bank finances export of eligible goods, services, machinery and equipment including consultancy services for the purpose of i Rural Electrification Project in Congo...,” the RBI said in its notification.
The Indian goods and services that will be exported under this agreement, including consultancy services, will be limited to items eligible for export under the foreign trade policy of the Indian government.
Out of the total credit under this agreement, at least 75 % of the goods and services, including consultancy services, have to be sourced from India. Remaining 25% will be sourced outside India for the facilitation for buyers.
According to RBI, under the loc, the last date for opening of the letters of credit and disbursement will be 48 months from the scheduled completion date of contract in the case of project exports and 72 months (December 13, 2017) from the execution date of the credit agreement in the case of supply contracts.
Mumbai, May, 5: the export-import bank of India (Exim bank) has entered into an agreement with the Government of the Republic of Congo for extending a $ 70 million line of credit for financing eligible goods, machinery, equipment and services including consultancy services from India for the Rural Electrification Project in Congo.
According to the notification released by the reserves bank of India, the line of credit (loc) is effective March, 28 of this year and the date of execution of the agreement is December, 24, 2011.
“Exim bank finances export of eligible goods, services, machinery and equipment including consultancy services for the purpose of the Rural Electrification Project in Congo...,” the RBI said in its notification.
The Indian goods and services that will be exported under this agreement, including consultancy services, will be limited to items eligible for export under the foreign trade policy of the Indian government.Out of the total credit under this agreement, at least 75 % of the goods and services, including consultancy services, have to be sourced from India. Remaining 25% will be sourced outside India for the facilitation for buyers.
According to RBI, under the loc, the last date for opening of the letters of credit and disbursement will be 48 months from the scheduled completion date of contract in the case of project exports and 72 months (December 13, 2017) from the execution date of the credit agreement in the case of supply contracts.
