Exim Bank Secures Solar Project Deal with Guyana

Exim Bank signed an agreement to provide a USD 2.50 million line of credit to the Guyana government for a solar power plant at Cheddi Jagan International Airport. The deal includes exporting eligible Indian goods and services, with a minimum procurement requirement from India.

Exim Bank has finalized a deal with the Guyana government to extend a line of credit worth USD 2.50 million for the installation of a solar photovoltaic power plant at Cheddi Jagan International Airport.

Eligible goods and services from India will be exported under the agreement, in accordance with India's Foreign Trade Policy. The Export-Import Bank of India will finance these purchases under the terms of the agreement.

According to the Reserve Bank of India (RBI), at least 75 per cent of the goods, works, and services under the contract must be sourced from India, while the remaining 25 per cent can be procured from outside India. The agreement, signed in February, takes effect from June 24, 2024, with the final disbursement deadline set for 48 months after the project's scheduled completion date.

(With inputs from agencies.)