Mozambique’s prime minister asks India’s Exim Bank to speed up process of paying out funds

28 March 2011

New Delhi, India, 28 March – Nova Deli, India, 28 Mar – Mozambique’s prime minister, Aires Ali, Sunday asked India’s Export-Import Bank (Exim Bank) to speed up the process of providing funds related to the US$500 million credit line opened to Mozambique to fund development projects.

During a meeting in New Delhi with Exim Bank officials responsible for releasing the funds from this credit line, Aires Ali noted that Mozambique had already submitted two projects that were waiting for funding, according to Rádio Moçambique.

The Mozambican prime minister, who travelled to India to take part in the 7th India-Africa meeting, said that the two projects were related to the energy and housing sectors and added that Mozambique hoped to hand in two more projects for the roads and water sectors.

During the meeting, the Indian Exim Bank officials committed to speeding up the process of releasing funds for the Mozambican projects by providing the funds three weeks after the projects have been received.

“We are satisfied with the fact that the people responsible for the Exim Bank have showed willing to make the process of releasing funds speedier and are available to support and accompany the projects,” noted the prime minister on leaving the meeting.

On Sunday the Mozambican prime minister also granted an audience with a group of Indian businesspeople, who have worked in Mozambique since 1986 and have invested some US$60 million in Zambézia province.

At the time, the Indian businesspeople showed they were available to move ahead with investments in the areas of agriculture, rural electrification and de-mining.

As well as funding for infrastructure projects in the agricultural and energy sectors, the two countries agreed to increase trade to US$1 billion by 2013. (macauhub)