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of <h1>India Extends $50M Credit Line to Maldives for Defense Projects; 75% Sourcing Mandate from India Enforced.</h1> Exim Bank, supported by the Government of India, has provided a USD 50 million Line of Credit (LoC) to the Government of the Republic of Maldives for defense projects. The agreement, effective from February 8, 2022, requires that at least 75% of the goods, works, and services under the contract be sourced from India, with the remaining 25% potentially sourced from outside India. The terminal utilization period is 60 months from the project completion date. Exporters must declare shipments under the LoC as per Reserve Bank instructions, and no agency commission is payable, although exporters may use their own resources for commission payments.
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