Exim Bank funds 3 Mozambique projects worth $216 mn

The total commitments of Exim Bank in Mozambique go up to $639.44 million through 12 LOCs

The Exim Bank today said it has extended an additional $216.44 million in three lines of credit (LoC) to Mozambique, taking its total commitment to the East African nation to $639 million.

The latest fundings include a $19.72-million credit for extending a rural drinking water project, $147.72 million for a road rehabilitation project and $47 million to construct houses, it said in a statement.

The agreements were signed in Maputo, Mozambique by Exim Bank executive director David Rasquinha and Mozambique finance minister Manuel Chang, it said.

With this the total commitments of Exim Bank, which works on behalf of the government, in Mozambique go up to $639.44 million through 12 LOCs, it said.

At the global level, it now has 172 LoCs with credit commitments of over $9.11 billion, it said.

Under the LoCs, Exim Bank reimburses 100% of contract value to domestic exporter, upfront upon the shipment of goods or provision of the services.