Exim Bank's Line of Credit of USD 89.90 million to the Government of the Republic of Congo

Line of Credit terms: Exim Bank's export finance to Congo mandates 75% Indian supply, timelines and GR/SDF compliance.

Exim Bank extended a Line of Credit of USD 89.90 million to the Government of the Republic of Congo for financing eligible Indian goods, machinery, equipment and services for transportation development; at least 75% of each contract's value must be supplied from India with up to 25% procureable abroad. The Credit Agreement (executed March 9, 2014; effective August 8, 2014) sets disbursement deadlines-48 months from project completion for project exports and 72 months from execution for other supplies-and requires shipments to be declared on GR/SDF Forms; agency commission is not payable under the LOC except from exporter's own or EEFC funds subject to compliance.