The Export-Import Bank of India (Exim Bank) has finalized an agreement with the Guyana government to provide a Line of Credit (LoC) worth USD 2.5 million. This financial support is designated for the installation of a solar photovoltaic power plant at the Cheddi Jagan International Airport in Guyana.

According to the Reserve Bank of India (RBI), which facilitated the agreement, the LoC will enable the export of eligible goods and services from India. These exports must adhere to the Foreign Trade Policy of the Indian government and be financed under the terms outlined by Exim Bank.

Under the agreement, at least 75% of the contract price’s goods, works, and services are required to originate from India, with the remaining 25% potentially sourced from outside India as agreed upon by the seller.

The initiative underscores India’s commitment to promoting sustainable energy solutions globally and supporting Guyana’s efforts towards renewable energy adoption. The solar power plant project at Cheddi Jagan International Airport is expected to contribute significantly to reducing carbon emissions and enhancing energy efficiency in Guyana’s infrastructure.

The agreement marks a significant milestone in bilateral cooperation between India and Guyana, highlighting India’s role in facilitating developmental projects through financial assistance and technological expertise. This initiative not only strengthens diplomatic ties but also fosters mutual economic growth and sustainability goals between the two nations.