EXIM Bank to finance 35 MW solar projects in Congo

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Export-Import Bank of India (Exim Bank) has, on behalf of the Government of India, extended three Lines of Credit (LOCs) aggregating US$ 83.11 million to the Democratic Republic of the Congo for financing installation of three solar PV power projects with a total capacity of 35 MW.

Congo will use the amount for projects in the provinces of Karawa, Mbandaka and Lusambo.

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

With the signing of these 3 LOC Agreements for US$ 83.11 million, Exim Bank, till date, has extended 10 Lines of Credit to the Government of the Democratic Republic of the Congo, on behalf of the Government of India, taking the total value of LOCs extended to US$ 578.05 million.

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

Last month, Exim Bank had made the announcement to 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.

With the latest 3 LOCs to Congo and one to Maldives, Exim Bank has in place 245 LoCs, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 24.24 billion (about ₹1,67,200 crore), available for financing exports from India.

Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.