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India grants credit line to Mozambique to buy railway equipment

The Exports and Import Bank (ExIm) of India has opened a credit line of US$95 million for Mozambique to acquire railway equipment under an agreement recently signed in Maputo, the bank said.

The credit line will enable the Mozambican government to acquire rolling stock, such as locomotives, passenger cars and wagons of various types.

The signing of the agreement for this new credit line represents the thirteenth such financing granted by the Indian bank on behalf of the country’s government to its counterpart in Mozambique, whose aggregate amount currently totals US$734.44 million.

The credit lines opened to Mozambique are aimed at financing projects such as rural electrification, increasing agricultural productivity, building solar panels, rebuilding roads and building 900 houses.

Source: Macauhub

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