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of <h1>Exim Bank Establishes $4.22M Line of Credit with Burundi for Farm Mechanization; 75% Sourcing Mandate from India.</h1> Exim Bank has established a Government of India-supported Line of Credit (LOC) of USD 4.22 million with the Government of the Republic of Burundi to finance farm mechanization. The agreement, effective from December 20, 2016, stipulates that at least 75% of the goods and services must be sourced from India, while the remaining 25% can be procured internationally. No agency commission is payable under this LOC, but exporters may use their own resources for such payments. Authorized banks are instructed to inform exporters of these terms and ensure compliance with relevant regulations under the Foreign Exchange Management Act, 1999.
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