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A.P. (DIR Series) Circular No: 07 (18-Aug-09) Exim Bank's Line of Credit of USD 17.34 million to the Government of Lao People's Democratic Republic

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RBI/2009-10/125

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All Category - I Authorised Dealer Banks

Madam / Sir,

Exim Bank's Line of Credit of USD 17.34 million to the Government of Lao People's Democratic Republic

Export-Import Bank of India (Exim Bank) has concluded an Agreement dated February 20, 2009 withthe Government of Lao People's Democratic Republic making available to the latter, a Line of Credit (LOC) of USD 17.34 million (USD seventeen million three hundred and forty thousand) for financing eligible goods and services including consultancy services from India pertaining to inputs for development of irrigation schemes in the Chamassack Province to be executed by Water and Power Consultancy Services (WAPCOS) (India) Limited in Lao PDR. 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 Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement. Out of the total credit by Exim Bank under this Agreement, the goods and services of the value of at least 60 per cent of the contract price shall be supplied by the seller from India or be of Indian origin, and the remaining 40 per cent goods and services (other than consultancy services) may be procured by the seller for the purpose of Eligible Contract from outside India.

  1. The Credit Agreement under the LOC is effective from July 24, 2009 and date of execution of Agreement is February 20, 2009. Under the LOC, the last date for opening of Letters of Credit and Disbursement will be 48 months from the scheduled completion date(s) of contract(s) in case of project exports and 72 months (February 19, 2015) from the execution date of the Credit Agreement in case of supply contracts.

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