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of <h1>Exim Bank of India Grants $31.29M Credit to Nicaragua for Transmission Project; 75% Sourcing from India Required.</h1> Exim Bank of India has established a Line of Credit (LOC) of USD 31.29 million to the Government of Nicaragua for a transmission lines and substations project. The agreement, effective from March 30, 2017, requires that at least 75% of the goods and services be sourced from India, with the remaining 25% potentially sourced internationally. The LOC has a 60-month utilization period post-project completion. No agency commission is payable, but exporters can use their resources for commission payments. Authorized banks should inform exporters of the LOC details, and the circular is issued under the Foreign Exchange Management Act, 1999.
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