Export-Import Bank of India (Exim Bank) has entered into an agreement dated February 29, 2024 with the Government of the Co-operative Republic of Guyana (GO-GUY), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 2.50 mn (USD Two Million Five Hundred Thousand Only) for installation of Solar PhotoVoltaic Power Plant at Cheddi Jagan International Airport in Guyana.
The export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their eligibility 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.
Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India, and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.
The Agreement under the LoC is effective from June 24, 2024. Under the LoC, the last date for disbursement will be 48 months after the scheduled completion date of the project.
Shipments under the LoC shall be declared in the Export Declaration Form/Shipping Bill as per instructions issued by the Reserve Bank from time to time.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12698&Mode=0
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