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$20 m credit guarantee for US agri commodity sales to India

Our Bureau

MUMBAI, Oct. 18

THE US Department of Agriculture (USDA) has authorised $20 million in credit guarantees for the sales of US agricultural commodities to India under the Commodity Credit Corporation's (CCC) Export Credit Guarantee Programme (GSM-102) for the fiscal year 2 001.

Major commodities of interest for the US exporters for supply to India are corn (maize), soyabean and derivatives, cotton and dry fruits such as almonds. With the imminent removal of quantitative restrictions on imports before March 31, 2001, India is pe rceived as a major market for a number of agricultural commodities including value-added products.

The GSM-102 credit guarantee scheme offers coverage of up to 98 per cent of the principal on credit terms ranging from 90 days to three years. Any bank approved by CCC in India is eligible. The American supplier will have to obtain the name of the CCC-ap proved Indian bank that will open the letter of credit. The scheme stipulates that sales must be registered with CCC by September 30, 2001, and the US exporters' contractual arrangements must call for exports not later than November 30, 2001.

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