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of <h1>India's Exim Bank Sets $5M Credit Line with East African Bank for Exports to Uganda, Kenya, Tanzania.</h1> The Export-Import Bank of India has established a USD 5 million Line of Credit (LOC) with the Eastern African Development Bank in Uganda to finance exports from India to Uganda, Kenya, and Tanzania. The agreement became effective on June 26, 2007, with specific deadlines for opening Letters of Credit and disbursements. Shipments must comply with Reserve Bank regulations. No agency commission is payable, but a commission up to 5% may be considered for goods requiring after-sales service. Authorized banks are advised to inform exporters and facilitate remittances in compliance with the Foreign Exchange Management Act, 1999.
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