On June 12, 2020, Export-Import Bank of India (EXIM Bank) , a specialized financial institution wholly owned by Government of India (GoI),has provided a line of credit (LOC) of $215.68 million to the Malawi government.
How the assistance will be used?
This assistance will be used on drinking water supply schemes and other development projects 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.
- The LOC Agreement was signed between Mr. Sudatta Mandal, Chief General Manager, Exim Bank, and H.E Mr. George Mkondiwa, High Commissioner, Malawi High Commission in India in New Delhi.
Exim Bank’s assistance to Malawi so far:
- With the signing of the above LOC Agreement, five loan facilities worth $ 395.68 million have been provided by the Exim Bank to the Government of Malawi so far.
- In addition to this, Exim Bank till now has provided 260 credit facilities totaling $ 25.68 billion to 62 countries in Africa, Asia, Latin America and the CIS (Commonwealth of Independent States) nations such as Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, and Uzbekistan.
About Exim bank:
Headquarters– Mumbai, Maharashtra.
Managing Director (MD) & Chief Executive Officer (CEO)- David Rasquinha.
Act– Export-Import Bank of India Act 1981.
Currency– Malawian kwacha
President– Peter Mutharika