AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYYes
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.
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