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Exim Bank grants $83 million in loans to Congo to finance three solar power projects in Central Africa

Exim Bank on March 19 said it has given a loan of $83.11 million to Congo to finance three solar power projects in the central African country. Export-Import Bank of India (Exim Bank) has, on behalf of the government, extended three lines of credit (LOC) aggregating $83.11 million to the government of Congo, it said in a release.

The loan will be utilised for financing three solar photovoltaic power projects with a total capacity of 35 megawatt in the three provinces — Karawa, Mbandaka and Lusambo.

The LOC agreements to this effect were exchanged between Ambassador of Congo to India Mossi Nyamale Rosette and Exim Bank Managing Director David Rasquinha during the 14th CII-Exim Conclave 2019.

“With the signing of these three lines of credit for $83.11 million, Exim Bank, till date, has extended 10 LOC to the government of Congo on behalf of government of India, taking the total value of LOCs extended to $578.05 million,” it said.

Projects covered under the LOCs extended to Congo include hydroelectric power projects, power transmission and distribution projects, cement plant, hand pumps and submersible pumps installation, and solar power projects.

With this line of credit, Exim Bank said, it has now put in place 244 LOCs covering 63 countries in Africa, Asia, Latin America and the CIS with credit commitments of around $23.43 billion available for financing exports from India.