In order to finance the rural electrification projects, Export-Import Bank of India (Exim Bank) said it has extended a $30-mn line of credit (LOC) to Mozambique and this is the fifth LoC extended by Exim Bank to Mozambique at the behest of the Government of India. The projects are in Gaza as well as Zambezia and Nampula, Exim Bank said in a statement.
The first LoC of $20 mn was extended in September 2004 to Mozambique while the second of $20 mn in August 2006, the third of $20 mn in August 2008 and the fourth of $25 mn in December 2008.
Under the LoCs, Exim Bank will reimburse 100 per cent of contract value to the Indian exporter upfront upon the shipment of goods.
The first LoC of $20 mn was extended in September 2004 to Mozambique while the second of $20 mn in August 2006, the third of $20 mn in August 2008 and the fourth of $25 mn in December 2008.
Under the LoCs, Exim Bank will reimburse 100 per cent of contract value to the Indian exporter upfront upon the shipment of goods.
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