ANNOUNCEMENT 11 Dec 2013

A new trade finance transaction was announced in December 2013.

NUMBER OF INTERVENTIONS

2

  • 2 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



A.P. (DIR Series) Circular No. 86
https://rbi.org.in/Scripts/NotificationUser.aspx?Id=9610&Mode=0


Inception date: 26 Feb 2015 | Removal date: open ended

Local sourcing

The credit for this transaction 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.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A
Inception date: 26 Feb 2015 | Removal date: open ended

Trade finance

 On 11 December 2013, the Government of India agreed to provide a Line of Credit of USD 198.96 million to the Myanmar Foreign Trade Bank for financing development of 18 irrigation projects in Myanmar.
 
The credit is provided by the Export Import Bank of India (EXIM) and requires that at least 50% of the contract price for goods and services associated with the project is sourced from India.

The credit agreement came into force on 26 February 2015.
 
An additional loan of USD 155 million for financing railway projects was also agreed on, on the same date (see related measure).