The bank earlier extended an LOC of $20m as first tranche to part-finance construction of the Nyabarongo project in Rwanda. The project is being executed by Bharat Heavy Electricals Ltd and Angelique International.
Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of goods. The LOC will be used for financing at least 85% of total contract value through sourcing of goods and services from India.
The power project is expected to be completed in 2013 and, upon completion, it will generate 27.5MW of electricity.
Exim Bank said that it has in place 128 lines of credit, covering over 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over $4.32bn, available for financing exports from India.
