Exim Bank extends $216 million credit line to Malawi govt

Export-Import Bank of India (Exim Bank) on Friday said it has extended a line of credit (LOC) worth $215.68 million to the Malawi government for drinking water supply schemes and other development projects.

With the signing of this agreement, Exim Bank, so far, has extended five LOCs to Malawi, on behalf of the Indian government, taking the total value of LOCs extended to $395.68 million, a release said.

Projects covered under the LOCs extended to 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, Exim Bank has now in place 260 LOCs, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around $25.68 billion, available for financing exports from India.