World bank facility unlocks key imports
Reserve Bank of Malawi (RBM) Governor MacDonald Mafuta Mwale says local banks are now able to secure letters of credit for importation of strategic commodities despite the deepening economic crisis.
Before the World Bank’s Investment Project Financing with Deferred Drawdown Option Instrument, he said it was difficult for local banks to secure letters of credit despite no local bank ever defaulting on its payment obligations.
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