12 October 2007 – India’s Exmin Bank has extended a $20 million line of credit to Rwanda to finance the construction of a hydropower project, it was reported by the Rwanda News Agency.
Rwandan secretary general of the ministry of finance, John Rwangombwa and Exim’s chief general manager, Prabhakar Dalal signed a credit agreement in New Delhi on Tuesday.
The line of credit, which is the first ever extended to Rwanda by India, is part of a $80 million line of credit approved by India for Rwanda’s power sector.
Terms of the agreement have Exim Bank paying 100% invoice value up front to Indian exporters upon shipment of machinery or provision of services.
The line of credit enables India to promote exports and demonstrate Indian expertise and project execution capabilities in emerging markets.