India extends $35.8 million Line of Credit for solar-DG hybrid project in Suriname

The government of Suriname will use the amount for rural electrification through installation of solar-DG hybrid PV systems in 50 remote villages of the nation.

January 30, 2020 Uma Gupta

The LOC Agreement was exchanged between Ajay Rana, Regional Representative, Exim Bank’s Washington Representative Office and Gillmore Hoefdraad, Minister of Finance of the Government of Republic of Suriname, in the presence of Mahender Singh Kanyal, Indian Ambassador to the Republic of Suriname.

Image: EXIM Bank

Exim Bank, on behalf of the Government of India, has extended a Line Of Credit (LOC) of US$ 35.80 million to Suriname for financing rural electrification through solar-DG hybrid PV systems in 50 remote villages.

With the signing of this agreement, India, till date, has extended nine LOCs to the Republic of Suriname, taking the total value of LOCs extended to US$ 124.98 million. Projects covered under the LOCs include power, water supply, purchase of helicopters, and rehabilitation and upgradation of milk processing plants.

Exim Bank has now in place 258 LOCs, covering 64 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around US$ 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.

The latest LOC to Suriname follows US$ 75 million in finance to Cuba and US$ 20.22 million to Guinea for solar projects. Cuba will use the amount for installation of 75 MW Solar Parks.

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