The $100 million line of credit from the Export-Import Bank of India (India Ex-Im) will contribute to the financing of three energy projects in rural Nigeria.
Signed at the African Development Banks annual meeting in Kigali, Rwanda, the credit line will be spent on the distribution of transformers for 96 communities in Enugu State, a substation and mini solar grid in Kaduna State and the construction of two gas-based power plants in the Cross River State in Nigerias Delta region.
Under the line of credit, India Ex-Im will reimburse 100% of the contract value to the Indian exporters upon the shipment of equipment, goods and the provision of services.
The export credit agency signed a trade agreement with east African countries in April this year.
