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of <h1>Exim Bank Grants $20M Credit to Niger for Power Infrastructure Revamp; 85% Sourcing from India Required.</h1> The Export-Import Bank of India (Exim Bank) has established a Line of Credit (LOC) of USD 20 million to the Government of the Republic of Niger, effective January 28, 2009. This credit is designated for financing the rehabilitation and reinforcement of power stations, purchase of power transformers, and erection of power lines in Niger. At least 85% of the contract value must be sourced from India, with the remainder potentially sourced internationally. The LOC agreement specifies deadlines for opening Letters of Credit and disbursement, and no agency commission is payable under this LOC. Compliance with the Foreign Exchange Management Act (FEMA) is required.
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