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of <h1>Exim Bank Offers $67.40M Credit to Sri Lanka for Southern Railway Upgrade; 85% Goods Must Be Indian-Sourced.</h1> Exim Bank has established a Line of Credit (LOC) of USD 67.40 million with the Government of the Democratic Socialist Republic of Sri Lanka to finance the upgrade of the Southern Railway corridor from Colombo to Matara. The agreement, effective from August 16, 2010, requires that at least 85% of the goods and services be sourced from India. The LOC allows for the opening of Letters of Credit and disbursement within 48 months for project exports and 72 months for supply contracts. Exporters must declare shipments as per Reserve Bank instructions, and no agency commission is payable under this LOC.
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