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of <h1>Exim Bank Opens $5M Line of Credit for Cuban Plant Modernization, Mandates 75% Indian Sourcing for Goods and Services.</h1> Exim Bank has established a Line of Credit (LOC) of USD 5.0492 million with Banco Exterior De Cuba for modernizing an injectable product plant in Cuba. The agreement, effective from February 3, 2015, mandates that at least 75% of goods and services be sourced from India, with the remainder potentially sourced internationally. The LOC allows for Letters of Credit and disbursements within 48 months for project exports and 72 months for supply contracts. No agency commission is payable, but exporters can use their resources for commission payments. Authorized banks are instructed to inform exporters of these terms.
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