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of <h1>Exim Bank of India Offers $20M Credit to Eritrea for Agriculture and Education, Sourcing Primarily from India.</h1> Exim Bank of India has established a Line of Credit (LOC) of USD 20 million with the State of Eritrea, effective from October 1, 2009, to finance agricultural and educational projects. The LOC is divided equally between agricultural projects, such as irrigation and milk collection, and educational projects, including the purchase of teaching materials for Eritrean institutions. At least 85% of the goods and services must be sourced from India, with the remainder potentially sourced internationally. The agreement is governed by the Foreign Exchange Management Act, and no agency commission is payable under this LOC.
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