ANNOUNCEMENT 18 Feb 2011A new trade finance transaction was announced in February 2011.
NUMBER OF INTERVENTIONS
Reserve bank of India notification
On 18 February 2011, the Government of India agreed to provide a loan of USD 91 million to the Government of Ethiopia for financing machinery, equipment, goods and services to develop the sugar industry in Ethiopia.
The credit is provided by the Export Import Bank of India (EXIM) and requires that at least 75% of the contract price for goods and services associated with the project is sourced from India.
The credit agreement came into force on 24 May 2011.