Exim Bank has extended a LOC to the Government of the Republic of Suriname, for financing a rural electrification project using solar DG hybrid PV systems
The Export-Import Bank of India (Exim Bank) has, on behalf of the Government of India, extended a Line of Credit [LOC] of USD 35.80 million, to the Government of Republic of Suriname, for the purpose of financing ‘Rural Electrification through Solar DG Hybrid PV systems in 50 remote villages of Suriname’ project.
The LOC Agreement to this effect was signed and exchanged in Paramaribo, Suriname between Ajay Rana, regional representative, Exim Bank’s Washington Representative Office and H.E. Gillmore Hoefdraad, Hon’ble Minister of Finance of the Government of the Republic of Suriname, in the presence of Mahender Singh Kanyal, Indian Ambassador to the Republic of Suriname.
With the signing of the above LOC Agreement, Exim Bank, till date, has extended 9 (Nine) Lines of Credit to the Government of the Republic of Suriname, on behalf of the Government of India, taking the total value of LOCs extended to USD 124.98 million. Projects covered under the LOCs extended to the Government of the Republic of Suriname include Power, Water Supply, purchase of Helicopters, and Rehabilitation and up-gradation of the Milk Processing plant, etc.
With the signing of this LOC Agreement, Exim Bank has now in place 258 Lines of Credit, covering 64 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.48 billion, 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.
In March last year, the bank had extended 3 Lines of Credit (LOC) aggregating USD 83.11 million to the Government of the Democratic Republic of the Congo for financing installation of 3 Solar Photovoltaic Power Projects with a total capacity of 35 MW in the 3 provinces of the Democratic Republic of the Congo namely Karawa, Mbandaka, and Lusambo.