AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 3 May 2016, the Export Import Bank of India, on behalf of the Government of India, extended a Line of Credit of USD 1 billion to the Government of Mongolia for financing the development of "railways and related infrastructure projects".
As is seen from Letters of Credit extended by the EXIM bank in the past, the agreement will require that the recipient country source at least 75% of the contract price for goods and services associated with the project from India.
As per the Reserve Bank of India's Circular RBI/2017-18/77 A.P. (DIR Series) Circular No. 09, the credit agreement is effective from 22 August 2017.
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