Malawi signs $23.5mil credit with India Exim Bank for Blantyre Water project
Malawi High Commissioner to India, Dr. Mbuya Isaac Munlo on behalf of the Minister of Finance, Economic Planning and Development on Friday 5thAugust signed the USD23.5Million Line of Credit (LoC) for the Blantyre Water Project in Malawi.
The High Commissioner signed the LoC with the Chairman and Managing Director of Exim Bank; India, Mr. Yaduvendra Mathur, in New Delhi.
According to a news statement from the India High Commission of the Republic of Malawi, the LoC will be used for the construction of the new water supply project from the Likhubula River in Mulanje to Blantyre.
Munlo said the signing of the LoC could not have come at a better time, particularly, considering the many challenges Blantyre as a growing city is facing in the wake of providing portable water to the city.
According to the statement, Munlo further said that when fully implemented, the project will address the water shortages occurring not only in Blantyre but also in the surrounding areas of the city.
On his part, Yaduvendra Mathur, Chairman and Managing Director Exim Bank of India, commended Malawi for coming up with this very important project.
He pledged the banks total support towards the implementation of the project and further said that the bank will ensure timely disbursement of the LoC to Malawi.
Malawi has previously accessed LoCs from Exim Bank of India and utilised these for various projects including the construction of the fuel storage facilities in the three regions of Malawi, the Greenbelt project, and construction of the sugar factory in Salima.
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mubenso ndalamazo eti . where is the green belt you borrowed money for in the past ? what happened to the tractors and other equipment that was meant for the green belt.The tax payers will pay back these loans through the nose. The money will have disappeared and there will be no project implemented. The mwenye is smilling coz he is going to make money from us.