Mozambique: India provides US$30 million credit line

12 May 2009

Mumbai, India, 12 May – India’s Export Import Bank (Exim Bank) has opened up a credit line to the value of US$30 million for Mozambique to fund rural electricity projects, the bank said in a statement.

The projects are located in the provinces of Gaza, Zambézia and Nampula, the bank said noting that it was the fifth credit line for Mozambique opened up by the bank at the request of the Indian government, with the running total standing at US$115 million.

The first credit line, of US$20 million, for Mozambique was opened up in September 2004, the second, also for US$20 million, in August 2006, the third, for a further US$20 million in August 2008 and the fourth, worth a total of US$25 million was provided in December 2008.

Under the terms of the credit line, the Exim Bank will pay out 100 percent of the value fo the contract to Indian exporters on proof of exporting goods.

In 2007-08, India’s exports to Mozambique totalled US$446 million, mainly made up of oil products, steel and semi-finished iron, rice, pharmaceutical products, transport equipment and machinery and instruments, amongst others. (macauhub)