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of <h1>Exim Bank Opens $81M Credit Line with Rwanda for Vocational and Business Centers, Backed by India, Effective 2017.</h1> Exim Bank has established a USD 81 million Line of Credit (LoC) with the Government of Rwanda, supported by the Government of India, to finance the creation of ten Vocational Training Centers and four Business Incubation Centers in Rwanda. The agreement, effective from November 1, 2017, mandates that 75% of the goods and services must be sourced from India, with the remaining 25% potentially sourced internationally. Shipments under this LoC must comply with Reserve Bank instructions, and no agency commission is payable, though exporters may use their own funds for commission payments. The circular is issued under the Foreign Exchange Management Act, 1999.
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