EXIM Bank of India, Guyana sign US$2.5M Line of Credit for CJIA solar project

The $600M solar farm in Bartica, Region Seven

The Export-Import Bank of India (EXIM Bank) has finalised a significant agreement with the Guyana Government, aimed at facilitating the establishment of a solar photovoltaic power plant. According to an announcement by the Reserve Bank of India on Monday, the agreement involves a line of credit worth $2.5 million.

Although the agreement was formally dated February 29, 2024, its implementation under the Line of Credit is slated to commence on June 24, 2024, as specified by the RBI. The Line of Credit terms stipulate that disbursements must occur within 48 months following the project’s completion.

The solar photovoltaic power plant is designated for installation at Guyana’s Cheddi Jagan International Airport.

Under the terms of the Line of Credit, the RBI indicated that a minimum of 75 per cent of the contract price for goods, works, and services will originate from suppliers in India. The remaining 25 per cent of the contract value may be sourced by the seller from non-Indian providers eligible under the agreement.