IMPLEMENTATION LEVEL

NFI

AFFECTED FLOW

Outflow (subsidised)

ANNOUNCED AS TEMPORARY

Yes

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 12 Jun 2018 | Removal date: open ended
Still in force

Trade finance

On 10 January 2018, the Export-Import Bank of India (EXIM Bank), on behalf of the Government of India, extended a Line of Credit of USD 45.27 million to the Government of Sri Lanka for financing the rehabilitation of the Kankesanthurai Harbour.

As observed from similar previous trade finance loans from India, the Reserve Bank of India will potentially require at least 75% of the contract price for goods and services associated with the project to be sourced from India.

As per the Reserve Bank of India's Circular "RBI/2018-19/18 A.P. (DIR Series) Circular No.1" at least 75% of the contract price for goods and services associated with the project has to be sourced from India.

The LoC is effective from 12 June 2018 and has a terminal utilisation period of 60 months from the scheduled completion date of the project.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

435 Lifting & handling equipment & parts
8426 Ships' derricks; cranes, including cable cranes; mobile lifting frames, straddle carriers and works trucks fitted with a crane.
842611 Overhead travelling cranes on fixed support
842619 Other
842630 Portal or pedestal jib cranes
842649 Other

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