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Export-Import Bank of India (Exim Bank) has extended a $50 million line of credit to the Government of Malawi.
The credit line, which has been extended at the behest of the Indian Government, would be used to finance cotton processing facilities, green belt initiative and one village one product project in Malawi.
The agreement was signed here by Mr Sriram Subramaniam, Deputy General Manager and Regional Head, Exim Bank, on behalf of Exim Bank and Dr Chrissie Chawanje Mughogho, High Commissioner of the Republic of Malawi to India, on behalf of the Malawi Government. Under this arrangement, Exim Bank will reimburse 100 per cent of the contract value to the Indian project exporter(s) upfront upon the shipment of goods and provision of services.
Major export items from India to Malawi are pharmaceuticals, fine chemicals, machinery and instruments, transport equipment, plastic and linoleum products and manmade yarn fabrics.
Exim Bank has now in place 134 lines of credit covering over 71 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over $6.49 billion, available for financing exports from India.
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