India’s Exim Bank provides US$30 million credit line to Mozambique

28 September 2009

Mumbai, India, 28 Sept – India’s Export Import Bank (Exim Bank) has opened up a credit line to the value of US$30 million for Mozambique to fund Mozambican companies’ imports of goods and services from India for rural electricity projects, the bank said in a statement.

The statement said that the agreement for the funding had been signed with the Mozambican government and went into force in August.

The rural electricity projects are located in the provinces of Gaza, Zambézia and Nampula.

Since 2004 the Indian bank has provided Mozambique with five credit lines totaling US$115 million.

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)