Exim Bank extends Line of Credit to Malawi

LoC of $76.5 mn will be used in irrigation network, setting up of refined sugar processing equipment and development of fuel storage facilities

Export-Import Bank of India (Exim Bank) has extended a Line of Credit (LoC) of $76.50 million to the government of Malawi. The LoC will be used for the development of irrigation network under greenbelt initiative, setting up of refined sugar processing equipment in Salima and the development of fuel storage facilities in Malawi, a statement issued by the bank said.

The LoC Agreement effect was signed in New Delhi on Thursday, December 13, 2012, by TCA Ranganathan, Chairman and Managing Director on behalf of Exim Bank and Kennedy SA Moyo, Acting High Commissioner of the Republic of Malawi to India, on behalf of the government of Malawi.

 

This is the third LoC extended by Exim Bank to Malawi, taking the total value of LoCs extended to $156.50 million. Earlier LOCs were to support setting up of cotton ginning facilities, supply of equipment for green belt initiative, dal processing plant, equipment for small holder's irrigation programme and the supplies under one village - one project programme.

Exim Bank has now given in total 164 Lines of Credit to 75 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over $8.61 billion, available for financing exports from India, the statement added.