Mumbai, Apr 06: Export-Import Bank of India said it has extended a $8 million line of credit to Republic Bank, headquartered in Port of Spain, to finance India's exports to Trinidad & Tobago. This is the first ever credit line extended by EXIM Bank to a bank in the Caribbean region. EXIM Bank's line of credit affords a risk-free, non-recourse export financing option to Indian exporters. Under the line of credit to Republic Bank, importers from Trinidad & Tobago are required to make advance payment of 10% of contract value to Indian exporters and the balance 90% of contract value would be reimbursed by EXIM Bank to the Indian exporters. India's exports to Trinidad & Tobago amounted to around $23 million for 2002-03 (April-March), up 109%. India's export basket to Trinidad & Tobago in 2002-03 comprised primary & semi-finished iron and steel, drugs, pharmaceuticals and fine chemicals, non-basmati rice, computer software in physical form, machinery and instruments, manufactures of metals and ready-made garments. Bureau Report