India Extends US$75m credit for solar parks in Cuba
- India has extended a $75m line of credit for development of PV parks in Cuba according to agreement between Cuban agency BEC and Exim Bank of India.
Cuba has been provided with a credit line of $75m for backing photovoltaic farms. Cuban BEC and Indian Exim Bank inked the agreement half a year ago. It became effective on the 12th of December, 2019. The credit utilization period is sixty months from the project completion.
Under the contract, exporting of eligible services and goods from India will be financed in case they are eligible for exportation according to Foreign Trade Policies. No less than 75% of the contractual price of the works, goods and services must be provided by an Indian seller, while the rest 25% can be supplied by a foreign company.
Last month, Saur Energy – International published the news on India extending a credit line for financing 2 Guinea-based photovoltaic solar parks. Ministers for Foreign Affairs of both countries were present at the agreement conclusion. As well, the Republic of Guinea and India tied up the agreement for water supply development in Guinea.