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 USD 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 USD 25.68 billion, available for financing exports from India. HV MKJ