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of <h1>Exim Bank Provides $25M Credit Line to Syria for Indian Export Financing Under Foreign Trade Policy.</h1> The Export-Import Bank of India (Exim Bank) has established a Line of Credit (LOC) of USD 25 million to the Government of the Syrian Arab Republic, effective from October 27, 2008. This credit is intended to finance the export of eligible goods from India under the Foreign Trade Policy. Up to 90% of the contract price may be financed. The LOC allows for the opening of Letters of Credit and disbursement up to 48 months for project exports and 72 months for supply contracts. No agency commission is payable, but exporters may use their resources for commission payments. The circular is issued under the Foreign Exchange Management Act, 1999.
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