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of <h1>Exim Bank's $25M Credit Line to Madagascar Targets Rice and Fertilizer Projects; 85% Indian Sourcing Required.</h1> Exim Bank has established a Line of Credit (LOC) of USD 25 million with the Government of Madagascar, effective from December 4, 2008. This LOC is intended to finance two projects: rice productivity and fertilizer production, with USD 10 million and USD 15 million allocated respectively. At least 85% of the goods and services must be sourced from India, while the remaining 15% can be procured internationally. The LOC allows for Letters of Credit and disbursements up to 48 months for project exports and 72 months for supply contracts. Exporters must declare shipments per Reserve Bank instructions, and no agency commission is payable under this LOC.
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