Exim Bank to finance 27 solar projects in 15 nations

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Export-Import Bank of India (Exim Bank) will finance 27 solar power projects worth $1.4 billion spread across 15 countries. The solar projects, predominantly located in Africa and South America, are identified by International Solar Alliance and will include on-grid as well as off-grid projects like rooftop solar and irrigation pumps powered by solar panels, reported BusinessLine.

“Exim Bank has already provided Lines of Credit (LOCs) worth $226 million to finance 16 solar projects in various developing countries,” David Rasquinha, managing director, Exim Bank was quoted as saying in the report.

Rasquinha was speaking on the sidelines of ‘Financing Solar Projects under Government of India’s Lines of Credit’ programme held in Chennai recently. The programme was organized by Ministry of External Affairs in collaboration with the EXIM Bank to create awareness about the opportunities available through the Government of India’s Lines of Credit in solar energy.

“As an agent of Government of India, we are trying to promote solar power projects across the world,” Rasquinha said.

T.S. Tirumurti, Secretary, Economic Relations, Ministry of External Affairs, in his address to the audience, talked about the GoI’s Development Partnership, which he remarked was a key aspect of the India’s foreign policy. The Development Partnership is a pillar of South-South cooperation, and the Lines of Credit mechanism is a major part of the initiative through which India assists developing countries by providing them with low-interest soft loans.