Exim Bank extends $216 million credit line to Malawi government

Mumbai: Exim Bank of India has extended a nearly $216-million (1,640 crore) line of credit to Malawi on behalf of the Indian government, in a humanitarian gesture also aimed at improving relations with the African country amid increasing importance of geopolitics.

During the Covid-19 pandemic, when the government is struggling to bring the economy back on track, Exim Bank’s credit line aims to help project exporters from India to execute drinking-water-supply schemes and other development projects in Malawi.

This is the fifth credit line given on behalf of the Indian government to Malawi, taking the total value of these to almost $396 million, according to a release by the export finance agency.