The Export-Import Bank of India (Exim Bank) has, on behalf of the Government of India, extended a US$40 million Line of Credit (LOC) to African country Togo for electrification of 350 villages through solar photovoltaic systems.
The LOC Agreement to this effect was signed by the representatives of the two countries recently.
According to the International Renewable Energy Agency, Togo had just 3 MW of solar generation capacity at the end of 2020. However, under the National Development Plan (NDP), its government is aiming for universal access to electricity this decade and for half of its power to come from clean energy sources.
With the US$40 million finance, EXIM Bank, to date, has extended five Lines of Credit to the Government of Togo, on behalf of the Government of India, taking the total value of LOCs extended to US$ 150.10 million.
The LOCs extended to Togo cover projects in rural electrification, farming, transmission lines, and solar energy.
Exim Bank now has 274 Lines of Credit, covering 62 countries in Africa, Asia, Latin America, and the CIS, with credit commitments of around US$ 26.98 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank’s LOCs demonstrate Indian expertise and project execution capabilities in emerging markets.
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