Exim Bank extends credit to Malawi for water supply management

Export-Import Bank of India (Exim Bank) today said it has given an additional line of credit (LoC) of USD 23.50 million to Malawi for construction of a new water supply management from Likhubula river in Mulanje to Blantyre.
The LoC will be used for sourcing of goods and services from India, the bank said in a statement here today.
Under the LoC, Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon shipment of goods.
With the signing of the agreement, the bank so far has extended four LoCs to Malawi, taking the total value of LoCs extended to the country to USD 180 million, the bank said.

The LoCs have supported export of items like irrigation equipment, tobacco threshing plant, as also services for projects.
Exim Bank has now in place 209 LoCs covering over 63 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 15 billion, available for financing exports from India.