INDIA, MUMBAI, 13 JUNE, 2020 (GPN): Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended Line of Credit [LOC] of USD 215.68 million for Drinking Water Supply Schemes and Other Development Projects, to the Government of the Republic of Malawi.

The LOC Agreement to this effect was signed in New Delhi on Friday, June 12, 2020, between Mr. Sudatta Mandal, Chief General Manager, Exim Bank, and H.E. Mr. George Mkondiwa, High Commissioner, Malawi High Commission in India.

With the signing of the above LOC Agreement for USD 215.68 million, Exim Bank, till date, has extended 5 (five) Lines of Credit to the Government of the Republic of Malawi, on behalf of the Government of India, taking the total value of LOCs extended to USD 395.68 million. Projects covered under the LOCs extended to the Government of the Republic of Malawi includes 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.

With the signing of this LOC Agreement, Exim Bank has now in place 260 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.68 billion, available 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. ENDS