Exim Bank's Line of Credit of USD 30.97
million to the Government of Burkina Faso
The Export-Import Bank of India (Exim Bank)
has concluded an agreement with the Government of Burkina Faso making available
to the latter a Line of Credit (LOC) up to an aggregate sum of USD 30.97 million
(US Dollars Thirty million nine hundred and seventy thousand only) . The credit
agreement has become effective on September 21, 2006. The credit is available
for financing export of equipment, goods and services, including consultancy
services for agricultural projects (US$ 30 mn) which are eligible for export
under the Foreign Trade Policy of Government of India from India to Burkina
Faso and construction of a national post office (US$ 0.97 mn ).
2. Under the LOC, the utilization period
will expire at the end of 48 months from scheduled completion date of contract/s
in case of project exports and October 10, 2012 (72 months from the date of
execution of the Credit Agreement) in case of supply contracts.
3. Shipments under the credit will have to
be declared on GR / SDF Forms as per instructions issued by Reserve Bank from
time to time.
4. No agency commission is payable under
the above line of credit. However, if required the exporter may use his own
resources or utilize balances of his EEFC account for payment of commission
in free foreign exchange. Authorised Dealer Category I (AD Category I) banks
may allow such remittance after realisation of full payment of contract value
subject to compliance of prevailing instructions on payment of agency commission.
5. AD Category I banks may bring the contents
of this circular to the notice of their exporter constituents and advise them
to obtain full details of the Line of Credit from Exim Bank's office at Centre
One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400
005.
6. The directions contained in this circular
have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management
Act (FEMA), 1999 (42 of 1999) and is without prejudice to permissions / approvals,
if any, required under any other law.
Yours faithfully,
(M. Sebastian)
Chief General Manager