The Export-Import Bank of India has signed an agreement with the Government of Guyana to extend an India-backed $2.5 million credit line for setting up a solar power plant at the country’s Cheddi Jagan International Airport.
The RBI said exports of eligible goods and services from India will be allowed as long as they meet the criteria laid down in the Government of India’s Foreign Trade Policy and are financed under an agreement with the Export-Import Bank of India.
“Of the total Exim Bank credit under the agreement, goods, works and services equivalent to at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 per cent of goods and services may be procured by the seller from outside India for eligible contracts,” the Reserve Bank of India said.
The agreement was signed in February.
The agreements under the credit facility will be effective from June 24, 2024. Under the credit facility, the final date for payment will be 48 months after the scheduled completion date of the project.
(With inputs from PTI)
