Exim Bank To Extend Credit Line To Guyana Airport For $250-Million Solar Power Plant
According to the RBI, exports of eligible goods and services from India will be permitted, provided they meet the criteria specified in the Indian government's Foreign Trade Policy.
Exim Bank has signed an agreement with the Guyana government to extend an India-supported line of credit of $2.50 million for the installation of a solar photovoltaic power plant at Cheddi Jagan International Airport in Guyana.
According to the RBI, exports of eligible goods and services from India will be permitted, provided they meet the criteria specified in the Indian government's Foreign Trade Policy and are financed under an agreement with the Export-Import Bank of India.
"Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75% of the contract price shall be supplied by the seller from India, and the remaining 25% of goods and services may be procured by the seller for the purpose of the eligible contract from outside India," the Reserve Bank of India said.
The agreement was signed in February.
The agreement under the line of credit is effective from June 24, 2024. Under the LoC, the last date for disbursement will be 48 months after the scheduled completion date of the project.
(With Inputs From PTI)
