Exim Bank to avail LOC amounting USD 45 mn to Vietnam

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Mumbai, Mar 11 (UNI) Export-Import Bank of India (Exim Bank) will make available a Line of Credit (LOC) of USD 45 million for financing eligible goods and services, including consultancy services, from India pertaining to 200 mega watt Nam Chien Hydro Power Project, being set up in Vietnam.

The RBI notified that Exim Bank has concluded an Agreement dated January 8, with the Government of the Socialist Republic of Vietnam for making available this LOC.

The goods and services, including consultancy services, from India for exports under this agreement are those which are eligible for export under the foreign trade policy of the Union Government and whose purchase may be agreed to be financed by the Exim Bank under the agreement, the RBI notification clarified.

The apex bank said ''Out of the total credit by Exim Bank under this agreement, the goods and services of the value of at least 85 per cent of the contract price shall be supplied by the seller from India, and the remaining goods and services (other than consultancy services) may be procured by the seller for the purpose of the Eligible Contract from outside India.'' The credit agreement under the LOC is effective from February 18 and date of execution of agreement is January 8. Under the LOC, the last date for opening of LOC and disbursement will be 48 months from the scheduled completion date of contract in case of project exports and 72 months from the execution date of the Credit Agreement in case of supply contracts, it added.

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