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of <h1>Exim Bank Grants $36.56M Credit to Tanzania for Vehicles; 75% Goods Must Be Sourced from India.</h1> Exim Bank has established a Line of Credit (LoC) of USD 36.56 million with the Government of Tanzania to finance the purchase of 723 vehicles under the India Africa Fund. The agreement, effective from May 20, 2011, mandates that at least 75% of the goods and services, including consultancy, be sourced from India, with the remaining 25% potentially sourced internationally. No agency commission is payable under this LoC, but exporters can use their resources for commission payments. Authorized banks are instructed to inform exporters of these details and ensure compliance with the Foreign Exchange Management Act, 1999.
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