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of <h1>Exim Bank Grants $70M Credit to Congo for Rural Electrification; 75% Sourcing from India Required.</h1> Exim Bank has extended a USD 70 million Line of Credit to the Government of the Republic of Congo for its Rural Electrification Project. The agreement, effective from March 28, 2012, mandates that at least 75% of the contract value must involve goods and services sourced from India. The remaining 25% can be procured from outside India, excluding consultancy services. The deadline for opening Letters of Credit is 48 months post-contract completion for project exports and 72 months from the agreement date for supply contracts. Exporters are responsible for their own agency commissions, and banks are advised to inform their clients accordingly.
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