Export-Import Bank of India (Exim Bank) has entered into an agreement with Rwanda to provide a US$120 million credit line for exports of Indian goods and services.

Under the agreement, letters of credit (L/Cs) can be opened and disbursements made for Indian firms undertaking work in specific agricultural projects in Rwanda.

Eligible projects

The credit line can be tapped for either the Export Targeted Modern Irrigated Agricultural project or the Extension of the Export Targeted Modern Irrigated Agricultural project.

Credit of around US$60 million is available for each project and funding is available for Indian goods, machinery, equipment and services, including consultancy.

L/C deadlines

Exim Bank has specified deadlines for opening L/Cs, which in the case of supply contracts is 25 October 2019.

The bank has entered into similar agreements with Togo (DC World News, 5 November 2014) and Niger (DC World News, 8 December 2014).

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