ANNOUNCEMENT 14 Nov 2008A new trade finance transaction was announced in November 2008.
NUMBER OF INTERVENTIONS
Reserve Bank of India notification
On 14 November 2008, the Government of India agreed to provide a loan of USD 25 million to the Government of Madagascar for financing goods and services including consultancy services for the following projects:
(i) Project for rice productivity ($ 10 million),
(ii) Project for fertilizer production ($15 million).
The credit is provided by the Export Import Bank of India (EXIM) and requires that at least 85% of the contract price for goods and services associated with the project is sourced from India.
The credit agreement came into force on 4 December 2008.