EXIM Bank forwards US$83.1 mn credit to DRC

The funding will help install 3 Solar Photovoltaic Power Projects with a total capacity of 35 MW in three provinces of the DRC, namely Karawa, Mbandaka and Lusambo

March 17, 2019

The agreement was signed during the 14th CII-EXIM Bank Conclave on India-Africa Project Partnerships, held in New Delhi between March 17-19

With the signing of the latest agreements, Exim Bank has extended 10 credit lines to the DRC, taking the total value of credit to over US$578 million

As part its commitment to Africa, Government of India has pledged US$10 billion in credit lines for projects in the continent for the period 2015-20

Exim Bank has now in place 244 lines of credit, covering 63 nations in Africa, Asia, Latin America and the CIS, with commitments of over US$23.4 billion

Export–Import Bank of India (Exim Bank) on March 17 said it has extended three lines of credit totalling US$83.1 to the Democratic Republic of the Congo (DRC) The funding will help install 3 Solar Photovoltaic Power Projects with a total capacity of 35 MW in three provinces of the DRC, namely Karawa, Mbandaka and Lusambo. The agreement was signed during the 14th CII-EXIM Bank Conclave on India-Africa Project Partnerships, held in New Delhi between March 17-19, has boosted the partnership between India and Africa’s nations. While India is the fastest growing major economy in the world, some of the sub-Saharan nations have featured among the top 10 fastest growing economies globally.

With the signing of the three latest agreements, Exim Bank, till date, has extended 10 lines of credit to the DRC Government, on behalf of the Government of India, taking the total value of credit extended to over US$578 million. Projects covered under the credit extended to the DRC include hydroelectric power plants, power transmission and distribution projects, cement plant, hand pumps and submersible pumps installation, as well as solar power projects. As part its commitment to Africa, India has pledged a credit line of US$10 billion to the continent for the period 2015-20, while also rolling out a plan to develop 18 new diplomatic missions over 2018-2021 to empower future opportunities.

With the signing of the latest deals, Exim Bank has now in place 244 lines of credit, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of over US$23.4 billion, available for financing exports from India. Exim Bank’s credit deals have helped raise India’s exports and expanded the market for foreign investment, especially in the developing regions. More than 500 delegates, including government officials, politicians, policy makers, business leaders, technologists and entrepreneurs from across Africa participated in the conclave. Indian companies have invested over US$54 billion in Africa so far, and the nation’s trade with the continent is now worth over US$62.7 billion.

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