Chilima praises Exim Bank of India: Support to Malawi hits K130bn in 10 yrs
Vice President Saulos Klaus Chilima has lauded Export- Import (EXIM) Bank of India for financial assistance to Malawi saying concessional financial resources that the Malawi government has accessed from that Bank has reached $180 million (approximately MK130, 364, 308, 792.42) since 2008.
Chilima made the remarks Tuesday in New Delhi when he held bilateral talk with officials from EXIM Bank led by its Deputy Managing Director Debasish Mallick.
The Veep said the resources have helped the country acquire agricultural equipment and machinery critical for the implementation of the Green Belt Initiative and agriculture merchanisation.
“Most importantly also, the resources have helped Malawi construct three fuel storage facilities in three of our regions, cotton processing plan and a sugar processing plant,” he said.
The Veep said that currently Malawi government has submitted to the government of India a request to access a line of credit for implementation of some crucial projects in the country.
The projects include construction of Convention Centres in Malawi’s major cities, lower FUFU hydro power station, construction of Lambilambi dam in Mzuzu and water projects for the four regional water boards in the country.
“I would like to, once again, profoundly thank EXIM Bank for the continued financial assistance provided towards Malawi government’s programmes that are aimed at transforming the country…he said.
Chilima also informed EXIM bank that President Peter Mutharika recently launched the Malawi Growth and Development Strategy III (MGDS III) to be implemented from 2017 to 2020.
He said MGDS III is focusing on Agricultures; Water Development and Climate Change Management; Industrial, Energy and Tourism Development; Transport and ICT Infrastructure; Education and Skills Development; and Health and Population Management.
“The government of Malawi will, therefore, be approaching your institution in the months ahead for lines of credit to implement some of the flagship projects under MGDS III, including the Shire Valley Irrigation Scheme,” he said.
He then thanked EXIM bank for inviting him to be Guest of Honour at 13th conclave saying Malawi’s participation at the annual business forum will help raise the country’s profile on the global map and also provide an opportunity to showcase Malawi as a viable investment and tourism destination.
In his remarks, EXIM Bank Deputy Managing Director Debasish Mallick said the meeting was timely as it provided Malawi and the bank an opportunity to discuss crucial matters that will help speed up the implementation of various projects that require assistance from India.
Mallick pledged that EXIM bank will continue to assist Malawi’s development agenda and said he was glad that the Veep showed keenness to see that all necessary steps are done for speedy implementation of the projects.
EXIM Bank is the premier export finance institution in India, established in 1982 under Export-Import Bank of India Act 1981.
It extends Lines of Credit (LOC) to enable Indian exporters to enter new markets or expand their business in existing export markets without any payment risk from overseas importers.
The bank also extends LOCs to overseas financial institutions, regional development banks, sovereign governments and other entities overseas, to enable buyers in those countries to import developmental and infrastructure projects, equipments, goods and services from India, on deferred credit terms.
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How much did the old DPP, PP and new DPP syphon from the $180 million to fund party activities or politicians’ lifestyles? We need to have an open conversation about these things if we are to build a trust relationship with the electorate. If we are to have an honest performance appraisal, we can’t see what the $180 million credit line has achieved other than a few shoddy projects here and there. I am just glad that the MGDS III is past DPP’s relevance. I can’t see the party going past 2019 with same old crooked politicians. Either the party… Read more »
Not a penny of the money from this Indian bank (Exim Bank) has been put to good use and yet we continue going there to get more and more loans which is a sure sign that there are people in the govt who are personally benefiting from this thieving and India is clearly not a good friend as portrayed because it would have taken pity on a ‘friend’ who is clearly not benefiting from what is transpiring!
When having such a discussion we should also ask ourselves how much interest we have paid on the K130bn, how much we still have to pay etc. Did we also inform them that the tractors they financed were abused and cant be traced as they were sold among the elite.
So we are three months into 2018 and the president just recently launched a Growth Strategy for 2017 -2020. Wasnt this supposed to be unveiled in 2015 or 2016 to have enough preparations.
Tandifunsiraniko bwana……. we have a big problem. On paper ngati zenizeni nkumati zikuyenda ten years later total loss. Kubweza ngongole zosalongosoka.Ma tractor…kkkkkk