Exim Bank's Line of Credit of USD 30 million to the African Export-Import Bank ( Afreximbank )
Export-Import Bank of India ( Exim Bank) has concluded an Agreement dated March 20, 2008 with the African Export-Import Bank ( Afreximbank ), making available to the latter, a Line of Credit (LOC) of USD 30 million (USD thirty million ) to facilitate purchase of capital and engineering goods, industrial manufactures ,consumer durables and services and other items from India by Buyers in any of the Afreximbank's Member States. The goods and services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.
The Credit Agreement under the LOC is effective from September 22, 2008 and date of execution of Agreement is March 20, 2008. Under the LOC, the last date for opening of Letters of Credit and Disbursement will be 36 months ( September 21,2011) from the scheduled completion date(s) of contract(s) in case of project exports and 42 months (March 21, 2012) from the effective date of the Credit Agreement in case of supply contracts .
Similar arrangements are made with the Government of Suriname, Democratic Socialist Republic of Sri Lanka, Government of Cote d'Ivoire, Lao People's Democratic Republic and Republic of Rwanda.
RBI Circular NO. 28, 29, 30, 31, 32 & 33/ RBI ., Dated: November 5, 2008