Exim Bank Establishes $10 Million Credit Line with Bancoldex to Boost Indian Exports to Colombia.

The Export Import Bank of India (Exim Bank) has established a $10 million line of credit with Banco de Comercio Exterior de Colombia, S.A. (Bancoldex) to finance Indian exports to Colombia. Effective from March 21, 2002, this credit covers 90% of contract prices for eligible goods and services, requiring Exim Bank's prior approval. Contracts must specify prices in U.S. dollars, with a minimum of $50,000. Payments involve a 10% advance and the remaining 90% via an irrevocable letter of credit. The credit is subject to the Foreign Exchange Management Act, 1999, and specific terms and conditions outlined by Exim Bank.

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