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of <h1>India's Exim Bank Offers $38M Credit to Mozambique for Water Projects; 75% Sourcing Mandated from India.</h1> Exim Bank, supported by the Government of India, has established a Line of Credit (LoC) of USD 38 million with the Government of Mozambique for constructing 1600 borewells and 8 small water systems. The agreement, effective from July 10, 2019, mandates that 75% of the contract's value must be sourced from India, with the remaining 25% potentially sourced externally. Export shipments under this LoC must comply with Reserve Bank instructions. No agency commission is payable, but exporters can use their funds for commission payments. Authorized banks should inform exporters of these details and ensure compliance with the Foreign Exchange Management Act.
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