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of <h1>India's Exim Bank Grants $23M Credit to Zimbabwe for Bulawayo Power Plant Upgrade; 75% Sourcing from India Required.</h1> Exim Bank of India has extended a USD 23 million Line of Credit to the Republic of Zimbabwe for upgrading the Bulawayo Thermal Power Plant. The agreement, effective from November 26, 2019, mandates that at least 75% of the contract's goods and services be sourced from India, with the remainder potentially sourced internationally. The terminal utilization period is 60 months post-project completion. No agency commission is payable under this LoC, but exporters can use their resources for commission payments. Authorized banks are advised to inform exporters about the LoC details and comply with the Foreign Exchange Management Act regulations.
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