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of <h1>Exim Bank Sets Up $10M Credit Line with Banco Industrial de Venezuela to Boost Indian Exports by 2003 Deadline.</h1> The Export Import Bank of India (Exim Bank) has established a US$ 10 million line of credit with Banco Industrial de Venezuela (BIV) to finance Indian exports to Venezuela. Effective from May 10, 2002, the credit covers 90% of eligible contract prices, requiring prior Exim Bank approval. Contracts must be at least US$ 50,000, with buyers making a 10% advance payment. Payment is secured by an irrevocable letter of credit. The credit supports various industrial goods and services, with specific terms outlined for payment, inspection, and documentation. The deadline for credit utilization is November 9, 2003.
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