India based finance lender Export-Import Bank of India (EXIM Bank) on Friday announced to extend $215.68 million Line of Credit (LOC) to the Malawi government.
Exim Bank in its issued statement said, “The bank has extended a line of credit (LOC) worth of $215.68 million to the Malawi government for drinking water supply schemes and other development projects.”
“Projects covered under the LOCs extended to Malawi 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,” the statement said.
“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,” the statement added.
