The Exim Bank of India has given a line of credit of USD 24 million to Cote d’Ivoire for financing an electricity project.
Exim Bank has entered into an agreement with the government of Cote d’Ivoire for a Line of Credit of USD 24 million, the Reserve Bank of India said in a notification.
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The line of credit is for financing an electricity interconnection project between Cote d’Ivoire and Mali. Goods, machinery, equipment, and services including consultancy services from India for exports are under the agreement, RBI said.
Of the total credit by Exim Bank, at least 75 per cent of goods and services, including consultancy services of of the contract price, would be supplied by seller from India.
Remaining 25 per cent goods and services may be procured by from outside India, RBI added.
The LoC is effective from May 26, 2016. The last date for disbursement will be 60 months after the scheduled completion date of the project, it said.
In an LoC, borrower can draw down on the line of credit at any time, as long as the person does not exceed the maximum set in the agreement.