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of <h1>Exim Bank Grants $41.6M Credit Line to Comoros for Power Project; 75% Goods Must Be Indian Sourced.</h1> Export-Import Bank of India (Exim Bank) has established a Line of Credit (LOC) of USD 41.60 million to the Government of the Union of Comoros, effective from July 23, 2013, to finance an 18 MW power project in Moroni. The agreement mandates that at least 75% of the goods and services, including consultancy, must be sourced from India, while the remaining 25% can be procured internationally. The LOC is governed by the Foreign Exchange Management Act (FEMA), with specific guidelines for shipment declarations and agency commissions. Authorized banks are advised to inform exporters about the LOC details.
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