Exim Bank of India provides $23.37 mn LoC to Guyana for aircraft procurement. 75% of goods from India. No agency commission.

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....The Export-Import Bank of India (Exim Bank) provided a Government of India-supported Line of Credit (LoC) of USD 23.37 mn to the Government of the Co-operative Republic of Guyana (GO-GUY) for purchasing two aircraft from Hindustan Aeronautics Ltd. The agreement, effective from April 08, 2024, requires at least 75% of goods and services to be supplied from India. The LoC allows for disbursement up to 48 months after project completion. Shipments must be declared as per RBI instructions. No agency commission is payable under this LoC. AD Category-I banks must inform exporters about the LoC details. The circular was issued u/s 10(4) and 11(1) of FEMA, 1999.....