CIR. NO. 20/2005-06-RB, DT. 05/01/2006

Exim Bank’s Line of Credit of US$26.8 Million to the Government of Cote d’Ivoire
The Export-Import Bank of India (Exim Bank) has concluded an agreement with the Government of Cote d’Ivoire making available to the latter a Line of Credit (LOC) upto an aggregate sum of USD 26.8 Million (US Dollar Twenty Six million Eight Hundred Thousand only). The credit agreement has become effective on December 5, 2005. The credit is available for financing exports from India, under the Foreign Trade Policy of the Government of India, of goods and services for renewal of urban transport system in Abidjan with procurement of buses from India (US$ 21.8 million) and setting up of agricultural projects in the field of vegetable oil extraction, fruits and vegetables chips production, production of cocoa, coffee etc. (US$ 5 million). Full details of the Line of Credit are available at the Exim Bank’s office or its website (www.eximbankindia.com)

2. The terminal utilization period is 48 months from scheduled completion date of contract in case of project exports and 60 months from the date of execution of the Agreement i.e. August 02, 2010 in case of other supply contracts

3. Shipments under the credit will have to be declared on GR/SDF Forms as per instructions issued from time to time.

4. No agency commission is payable under the above line of credit. However, if required, the exporter may use his own resources or utilize balances in his EEFC account for payment of commission in free foreign exchange. The Authorised Dealer (AD) banks may allow such remittance after realisation of full payment of contract value subject to compliance of prevailing instructions on payment of agency commission.

5. AD banks may bring the contents of this circular to the notice of their exporter constituents.

6. The directions contained in this circular have been issued under Section 10 (4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions/approvals, if any, required under any other law.

Yours faithfully,

(Vinay Baijal)
Chief General Manager

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