Ghana gets $21.7m credit from India Exim Bank for Indian exports
Ghana has secured a $21.72 million line of credit from the Export-Import Bank of India for the financing of exports from that country.
The Reserve Bank of India has said in a press release issued Tuesday October 12, 2010 that the facility would be used to finance “the export of eligible goods and services, including consultancy services to Ghana.”
According to the release, the financing agreement for the credit which was signed in May 2010 says Indian exporters can avail of the credit for financing exports of these indicated goods and services from India. Indians can export improved fish harvesting and fish processing project and waste management equipment. Indians can also export management support to Ghana.
The terms of the agreement also states that to avail of the credit, at least 85% of the goods and services, including consultancy services, of the contract price should be supplied by the seller from India, while the remaining 15% of goods and services (other than consultancy services) may be procured by the seller from outside India for the purpose.
The release said the credit agreement became effective September 3, 2010 and the last date for opening of letters of credit and disbursement will be 48 months from the scheduled completion date of contract in the case of project exports and 72 months (May 5, 2016) from the execution date of the credit agreement in the case of supply contracts.
Shipments under the Line of Credit (LOC) will have to be declared on GR/SDF forms as per instructions issued by the Reserve Bank of India from time to time.
No agency commission is payable under the LOC, it added. However, if required, the exporter may use his own resources or utilise balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised dealer Category- l banks may allow such remittance on realisation of full contract value subject to compliance with the prevailing instructions for payment of agency commission, the Bank emphasized.
By Emmanuel K. Dogbevi
Ghana has secured a $21.72 million line of credit from the Export-Import Bank of India to finance exports.
The Reserve Bank of India has said in press release issued Tuesday October 12, 2010 that the the facility would be used to finance “the export of eligible goods and services, including consultancy services to Ghana.”
According to the release the financing agreement for the credit which was signed in May says Indian exporters can avail of the credit for financing exports of these indicated goods and services from India. Indians can export improved fish harvesting and fish processing project and waste management equipment. Indian can also export management support to Ghana.
The terms of the agreement also states that to avail of the credit, at least 85% of the goods and services, including consultancy services, of the contract price should be supplied by the seller from India, while the remaining 15% of goods and services (other than consultancy services) may be procured by the seller from outside India for the purpose.
The release said the credit agreement is effective September 3, 2010 and the last date for opening of letters of credit and disbursement will be 48 months from the scheduled completion date of contract in the case of project exports and 72 months (May 5, 2016) from the execution date of the credit agreement in the case of supply contracts.
Shipments under the Line of Credit (LOC) will have to be declared on GR/SDF forms as per instructions issued by the Reserve Bank of India from time to time.
No agency commission is payable under the LOC, it added. However, if required, the exporter may use his own resources or utilise balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised dealer Category- l banks may allow such remittance on realisation of full contract value subject to compliance with the prevailing instructions for payment of agency commission, the Bank emphasized.
By Emmanuel K. Dogbevi
1)what does Ghana imports from other countries but not india and why?
2)
what does India export to other countries but not Ghana and why?