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of <h1>Exim Bank of India Signs $800M Credit Line with Maldives for Development Projects, 75% Sourcing from India Required.</h1> Exim Bank of India has established a USD 800 million Line of Credit (LoC) agreement with the Government of the Republic of Maldives, effective from August 20, 2019, to finance development projects. At least 75% of the goods, works, and services under the contract must be sourced from India, with the remaining 25% possibly procured internationally. The LoC has a terminal utilization period of 60 months post-project completion. No agency commission is allowed, but exporters can use personal resources for commission payments. Authorized banks are advised to inform exporters and ensure compliance with the Foreign Exchange Management Act (FEMA) guidelines.
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