Exim Bank extends limit to finance power project in Rwanda
Public sector lender Exim Bank has extended a Line of Credit (LoC) of $ 20-million to the Government of Rwanda to finance the construction of a hydro-power project in the African nation.
By PTI |
MUMBAI: Public sector lender Exim Bank has extended a Line of Credit (LoC) of $ 20-million to the Government of Rwanda to finance the construction of a hydro-power project in the African nation.
This is the first-ever LoC extended to Rwanda by India, a release issued here today said, adding that the Centre has approved the first tranche of the $ 80-million LoC to the African country for the project.
An agreement to this effect was signed today in New Delhi by Rwanda's Secretary General and Secretary to the Treasury, Ministry of Finance, Government of Rwanda, John Rwangombwa and Exim Bank's Chief General Manager, Prabhakar Dalal.
Exim Bank would pay 100 per cent invoice value upfront to Indian exporters, upon shipment of machinery/provision of services from India, for execution of the power project.
With the signing of this agreement, Exim Bank has now in place 80 LoC, covering 84 countries in Africa, Asia, Latin America, Europe and the CIS with credit commitments amounting to USD 2.7-billion, available for utilisation for financing exports from India.
This is the first-ever LoC extended to Rwanda by India, a release issued here today said, adding that the Centre has approved the first tranche of the $ 80-million LoC to the African country for the project.
An agreement to this effect was signed today in New Delhi by Rwanda's Secretary General and Secretary to the Treasury, Ministry of Finance, Government of Rwanda, John Rwangombwa and Exim Bank's Chief General Manager, Prabhakar Dalal.
Exim Bank would pay 100 per cent invoice value upfront to Indian exporters, upon shipment of machinery/provision of services from India, for execution of the power project.
With the signing of this agreement, Exim Bank has now in place 80 LoC, covering 84 countries in Africa, Asia, Latin America, Europe and the CIS with credit commitments amounting to USD 2.7-billion, available for utilisation for financing exports from India.
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