Exim Bank of India has extended a Line of Credit (LOC) of $60 million to the government of Rwanda for financing construction of Nyabarongo Hydro Power project.
The bank had earlier extended a LOC of $20 million in the first tranche to part-finance construction of the hydro power project.
The project is being executed by Bharat Heavy Electricals Ltd and Angelique International, an Exim bank release here said.
The bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon the shipment of goods.
The LOC will be used for financing at least 85 per cent of the total contract value through sourcing of goods and services from India, it added.
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