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of <h1>Exim Bank Offers $86.31M Credit to Myanmar for Railway Upgrades; 75% Procurement from India Required.</h1> Exim Bank has agreed to provide a Government of India-supported Line of Credit (LOC) of USD 86.31 million to Myanma Foreign Trade Bank (MFTB), Myanmar, for financing the procurement of rolling stock, equipment, and upgrading railway workshops. Originally set at USD 155 million, the LOC was reduced through an agreement on October 3, 2015. At least 75% of the contract's goods and services must be sourced from India. The LOC is effective from June 27, 2016, with specific utilization periods. No agency commission is payable, but exporters may use their resources for commission payments. Compliance with FEMA regulations is required.
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