EXIM Bank Approves $83 Million Loan for Financing of 35 MW of Solar Projects in Congo
The projects will be located in Karawa, Mbandaka and Lusambo provinces of the country
March 22, 2019
The Export-Import Bank of India (EXIM Bank) has approved $83.11 million financing for the installation of three solar projects in the Democratic Republic of the Congo with a total capacity of 35 MW.
These projects are to be located in Karawa, Mbandaka and Lusambo provinces of the country.
In total, Exim Bank has extended $578.05 million in financing to the Democratic Republic of the Congo for hydroelectric power projects, power transmission and distribution projects, cement plant, hand pumps, and submersible pumps installation, as well as solar power projects.
India has been cooperating with many African countries for the development of new and renewable energy technologies and capacity building. In April 2018, it signed two Memoranda of Understanding with Morocco and Guyana under which the participating countries agreed to cooperate for the expansion of renewable energy.
Many African countries have received investment from international banks for the development of renewable energy projects.
At the inaugural conference of the International Solar Alliance (ISA) held in New Delhi in March 2018, the Government of India pledged $1.4 billion to fund the development of solar projects in 15 African and South Asian countries that are part of the ISA consortium. Out of the sanctioned $1.4 billion, the Democratic Republic of the Congo was to be given $148 million to develop a 15 MW solar PV project and public electricity network at the village of Karawa.
The World Bank has also committed $22.5 billion to Africa for climate adaptation and mitigation in the next five years. The funding is part of the World Bank’s 2025 target to accelerate climate action which is expected to help African countries manage the risks of a changing climate while unlocking new investment opportunities.
Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer