Export-Import Bank of India, Exim Bank, has, on behalf of the Government of India, extended a Line of Credit, LOC, of $95 million for procurement of railway rolling stock including locomotives, coaches and wagons to the Government of the Republic of Mozambique.
The LOC Agreement to this effect was exchanged between Mr. Rudra Gaurav Shrestha, High Commissioner of India and Mr. Adriano Isais Ubisse, National Director of Treasury, Ministry of Economy and Finance, Government of the Republic of Mozambique.
With the signing of the above LOC Agreement for $95 million, Exim Bank, till date, has extended 13 Lines of Credit to the Government of the Republic of Mozambique, on behalf of the Government of India, taking the total value of LOCs extended to $734.44 million.
Projects covered under the LOCs extended to the Government of the Republic of Mozambique include rural electrification projects, transfer of water drilling technology and associated equipment, IT Park project, enhancing productivity of rice-wheat-maize cultivation, solar photo voltaic module manufacturing plant, Rehabilitation of Road between Tica, Buzi and Nova Sofala and construction of 900 houses in Mozambique.
With the signing of this LOC Agreement, Exim Bank has now in place 238 Lines of Credit, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around $23.05 billion, available for financing exports from India.
Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.