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of <h1>Exim Bank of India Opens $30M Credit Line with Afreximbank for Indian Goods & Services Exports.</h1> Exim Bank of India has established a USD 30 million Line of Credit (LOC) with the African Export-Import Bank (Afreximbank) to facilitate the purchase of goods and services from India by buyers in Afreximbank's member states. The agreement, effective from September 22, 2008, allows for the opening of Letters of Credit and disbursements within specified timeframes. Exports under this LOC must comply with Reserve Bank of India instructions, and no agency commission is payable unless after-sales service is required, subject to prior approval. Authorized banks are instructed to inform exporters about the LOC details and compliance requirements.
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