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of <h1>Exim Bank of India Sets $100M Credit Line with Kenya for Agricultural Project; 75% Sourcing from India Required.</h1> Exim Bank of India has established a USD 100 million Line of Credit (LOC) with the Government of Kenya for an agricultural mechanization project, effective from January 1, 2018. This LOC requires that at least 75% of the goods and services, including machinery and consultancy, be sourced from India, while the remaining 25% can be procured externally. The agreement allows for a 60-month utilization period post-project completion. Exporters must declare shipments under this LOC on the Export Declaration Form, and no agency commission is payable, though exporters can use their resources for commission payments. The circular is issued under the Foreign Exchange Management Act, 1999.
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