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Exim Bank extends LOC of USD 76.50 to Malawi govt

Posted on Dec 19, 07:54PM | UNI

Export-Import Bank of India (Exim Bank) has extended a Line of Credit (LOC) of USD 76.50 million to the Government of Malawi for development of irrigation network under greenbelt initiative, setting up of refined sugar processing equipment and development of fuel storage facilities in Malawi.

This is the third LOC extended by Exim Bank to Malawi at the behest of the Government of India, taking the total value of LOCs extended to USD 156.50 million.

The LOCs have supported 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, a statement said.

Malawi is a landlocked country in southeast Africa and is bordered by Zambia to the northwest, Tanzania to the northeast, and Mozambique on the east, south and west.

Under the LOCs, Exim Bank reimburses 100 per cent of contract value to the Indian exporter, upfront upon the shipment of goods / provision of services, it added.