The Hindu Business Line : Exim Bank offers $30 m to Malawi

Export-Import Bank of India, at the behest of the Union Government, extended a Line of Credit (LOC) of $30 million to the Government of Malawi. The LOC will be utilised to finance supply related to irrigation, storage and threshing of tobacco and `One Village - One Project' in Malawi. The agreement was signed on the sidelines of the 2008 annual meeting of the African Development Bank Group, which is being held in Maputo, Mozambique on Wednesday by the Exim Bank Chairman, Mr T.C. Venkat Subramanian, and Secretary to the Treasury of Malawi, Mr Randson P.Mwadiwa. Under the LOC, Exim Bank will reimburse 100 per cent of the contract value to the Indian project exporters, upfront upon the shipment of goods or provision of services, said an Exim Bank release here. - Our Bureau

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