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of <h1>Exim Bank Offers $42M Credit to DRC for Kakobola Hydroelectric Project, 85% Sourcing from India Required.</h1> Export-Import Bank of India (Exim Bank) has established a USD 42 million Line of Credit (LOC) with the Government of the Democratic Republic of Congo to finance the Kakobola Hydroelectric Power Project. The agreement, effective from November 19, 2010, mandates that at least 85% of the contract value for goods and services, including consultancy, must be sourced from India. The LOC allows for the opening of Letters of Credit and disbursement within 48 to 72 months, depending on contract types. No agency commission is payable under this LOC, and compliance with the Foreign Exchange Management Act is required.
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