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of <h1>Interest During Construction Can Be Paid from ECB if Included in Project Cost and Capitalized by Borrower.</h1> Interest during the construction stage can be paid out of External Commercial Borrowings (ECB) if the ECB is raised for project finance. This is permissible when the payment of guarantee fees and interest during construction are included in the project cost and capitalized by the borrower. The restriction on using ECB proceeds for interest or charges does not apply in this context.
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