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of <h1>Exim Bank of India Provides $500M Line of Credit to Sri Lanka for Petroleum Purchases; 75% Sourcing from India Required.</h1> Exim Bank of India has established a USD 500 million Line of Credit (LoC) with the Government of Sri Lanka to finance the purchase of petroleum products from India. This agreement, effective from February 18, 2022, requires that at least 75% of the contract value be sourced from India, with the remaining 25% potentially sourced internationally. The LoC has a terminal utilization period of six months, extendable to a maximum of twelve months. Exporters are advised to follow Reserve Bank guidelines for shipment declarations and commission payments. Authorized banks should inform their exporter clients about the LoC details.
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