India plans to open up three credit lines for Mozambique worth a total of US$217 million to fund public works and housing projects. Agreements for the new credit lines were signed at the end of the meeting of the Mozambique-India Mixed Cooperation Commission.
The three agreements, which were signed by Mozambique’s Finance Minister, Manuel Chang and by David Rasquinha, the chief executive of the Indian Export-Import Bank (ExIm), are intended to repair the Tica-Búzi-Nova road, in Sofala province, to build 1,200 houses in Tete, Zambézia and Cabo Delgado provinces and the third phase of the water supply project in the provinces of Manica, Zambézia and Nampula.
These agreements bring an end to funding provided by the credit line announced by the Indian government during a visit by Mozambican president, Armando Guebuza, to India in 2010.
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