Mumbai, May, 5: the export-import bank of India (Exim bank) has entered into an agreement with the Government of the Democratic Socialist Republic of Sri Lanka for extending a $ 382.37 million line of credit for financing eligible goods, machinery, equipment and services including consultancy services from India for track-laying on railway line, setting up telecommunication system and other project in Sri Lanka with mutual consideration.
These are the details of the project financed under $ 382.37 line of credit from Indian government to the Sri Lankan government.
Track-laying on the Pallai-Kankesanthurai Railway Line (USD 149.34 million), Setting up of signaling and telecommunications system for the Northern Railway Line (USD 86.52 million) and any other contracts that may be mutually approved by the Government of the Democratic Socialist Republic of Sri Lanka and the Government of India in Sri Lanka (USD 146.51 million).
According to the notification released by the reserves bank of India, the line of credit (loc) is effective April, 11 of this year and the date of execution of the agreement is January 17, 2012.
“Exim bank finances export of eligible goods, services, machinery and equipment including consultancy services for the purpose of track-laying on railway line, setting up telecommunication system and other projects in Sri Lanka with mutual consideration...,” 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 (January 16, 2018) 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 Democratic Socialist Republic of Sri Lanka for extending a $ 382.37 million line of credit for financing eligible goods, machinery, equipment and services including consultancy services from India for track-laying on railway line, setting up telecommunication system and other project in Sri Lanka with mutual consideration.
These are the details of the project financed under $ 382.37 line of credit from Indian government to the Sri Lankan government.
Track-laying on the Pallai-Kankesanthurai Railway Line ($ 149.34 million), Setting up of signaling and telecommunications system for the Northern Railway Line ($86.52 million) and any other contracts that may be mutually approved by the Government of the Democratic Socialist Republic of Sri Lanka and the Government of India in Sri Lanka ($ 146.51 million).
According to the notification released by the reserves bank of India, the line of credit (loc) is effective April, 11 of this year and the date of execution of the agreement is January 17, 2012.“Exim bank finances export of eligible goods, services, machinery and equipment including consultancy services for the purpose of track-laying on railway line, setting up telecommunication system and other projects in Sri Lanka with mutual consideration...,” 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 (January 16, 2018) from the execution date of the credit agreement in the case of supply contracts.
