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The Export-Import Bank of India (EXIM Bank), a specialized financial institution that facilitates the country’s international trade, has extended a $2.5 million credit line to set up a solar photo voltaic power plant at Cheddi Jagan International Airport, Guyana, as part of an agreement with the Government of Guyana.

Effective June 24, 2024, the agreement was signed on February 29, 2024. The credit will be disbursed within 48 months of completion of the project, the Reserve Bank of India (RBI) said.

Of the total credit provided by EXIM Bank, goods, works and services worth at least 75% of the contract price will be supplied by the seller from India and the remaining 25% may be procured by the seller from outside India to be eligible for the contract.

The Export-Import Bank of India (Exim Bank) has under an agreement offered a $23.37 million (Rs 194 crore) line of credit to Guyana for the purchase of two aircraft from India for the South American country’s defence forces.

The agreement was signed in March between Guyana’s senior minister, Ashni K Singh, and the bank’s deputy general manager Sanjay Lamba in the presence of High Commissioner of India to Guyana, Amit Telang.

This line of credit (LOC) has brought the bank’s LOCs to 292 that covers 62 countries in Africa, Asia, Latin America, CIS, and Oceania, with credit commitments of around $2.72 billion available for financing exports from India.