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of <h1>Exim Bank Sets $16.88M LOC for Gambia's National Assembly Project; 65% Indian Sourcing Mandate.</h1> Exim Bank has established a Line of Credit (LOC) of USD 16.88 million with the Government of the Republic of Gambia to finance goods, services, machinery, and equipment from India for the completion of a national assembly building complex. At least 65% of the contract value must be sourced from India, with the remaining 35% potentially sourced internationally. The agreement is effective from December 4, 2012, with specific deadlines for opening Letters of Credit and disbursements. No agency commission is payable under this LOC, and authorized banks must inform exporters of the details and comply with the Foreign Exchange Management Act, 1999.
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