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Exim Bank funds 3 Mozambique projects worth $216 mn

Last Updated: Tuesday, July 9, 2013 - 15:52

Mumbai: The Exim Bank on Tuesday said it has extended an additional USD 216.44 million in three lines of credit (LoC) to Mozambique, taking its total commitment to the East African nation to USD 639 million.

The latest fundings include a USD 19.72-million credit for extending a rural drinking water project, USD 147.72 million for a road rehabilitation project and USD 47 million to construct houses, it said in a statement.

The agreements were signed in Maputo, Mozambique by Exim Bank executive director David Rasquinha and Mozambique finance minister Manuel Chang, it said.

With this the total commitments of Exim Bank, which works on behalf of the government, in Mozambique go up to USD 639.44 million through 12 LOCs, it said.

At the global level, it now has 172 LoCs with credit commitments of over USD 9.11 billion, it said.

Under the LoCs, Exim Bank reimburses 100 per cent of contract value to domestic exporter, upfront upon the shipment of goods or provision of the services.


First Published: Tuesday, July 9, 2013 - 15:52
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