Indian LOCs extended to 62 countries
The Export-Import Bank of India (Exim Bank) has extended US$215.68 million Line of Credit (LOC) to Malawi for export-oriented Drinking Water Supply Schemes and Other Development Projects.
The LOC Agreement, signed in New Delhi on 12 June 2020, between Mr. Sudatta Mandal, Chief General Manager, Exim Bank, and George Mkondiwa, High Commissioner of Malawi in India.
With the latest LOC Exim Bank has extended five LOCs totalling US$395.68 million to Malawi Government.
The LOC Projects include supply of irrigation network, tobacco threshing plant, cotton processing facilities, green belt initiative, sugar processing equipment, fuel storage facility and construction of a new water supply system from Likhubula river in Mulanje to Blantyre.
In total, Exim Bank has now extended 260 LOCs to 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around US$25.68 billion. These are for financing exports from India.
Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets. fiinews.com
