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Informist, Friday, May 16, 2025

--RBI: Exim Bank extends Line of Credit worth $700 mln to Mongolia 

--RBI:Mongolia to use Exim Bk's credit for crude refinery plant construction 

--RBI: Exim Bank's Line of Credit to Mongolia effective May 6 

MUMBAI – Export-Import Bank of India has extended line of credit worth $700 million to the government of Mongolia on Jan. 16, the Reserve Bank of India said in a notification Friday. The credit facility, backed by the Indian government, will finance construction of a crude oil refinery plant in Mongolia. 

Under the agreement, export of goods and services from India will be allowed based on their eligibility under the country's foreign trade policy. RBI also said that traders should declare the shipments under the line of credit in an export declaration form or a shipping bill. The regulator said that no agency commission will be paid under the specified credit facility. However, exporters can use their own resources or utilise balances in Exchange Earners' Foreign Currency Account to pay commission through authorised dealer category-I banks. 

The agreement came into effect on May 6 and the last date for disbursement is 48 months after scheduled completion date of the contract, the RBI said.

In February, the central bank had notified that Exim Bank had entered into an agreement with the government of Vietnam on Jul. 31 to facilitate a $300-million line of credit. The credit facility was extended for purchasing patrol vessels and high-speed guard boats.  End

US$1 = INR 85.58

Reported by Christina Titus 

Edited by Tanima Banerjee

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