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of <h1>Exim Bank Sets $5 Million Credit Line with EADB for Indian Exports to East Africa, Valid Until April 2002.</h1> The Export Import Bank of India (Exim Bank) has established a US$ 5 million line of credit with the East African Development Bank (EADB) effective from October 4, 2000. This credit is designated for financing Indian exports of specified goods and services to EADB member countries, including Kenya, Tanzania, and Uganda. Contracts require Exim Bank's prior approval and can finance up to 90% of the contract price. Payments are facilitated through irrevocable letters of credit. The arrangement adheres to the Foreign Exchange Management Act, 1999, with specific terms for contract execution, inspection, and payment processes. The credit must be utilized by April 3, 2002.
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