India lends USD 75 million to Cuba for solar plant construction

Export-Import Bank of India (Exim Bank) has provided a government supported credit line of USD 75 million (EUR 68m) to Cuba so it could finance the construction of photovoltaic (PV) systems totalling 75 MW, the Reserve Bank of India announced earlier this week.

The agreement between Exim Bank and Banco Exterior De Cuba, which is Cuba's nominated agency, was signed in July and came into effect on December 12, the central bank noted. The terminal utilisation period is 60 months after the project's completion date.

As part of the credit deal, at least 75% of the value of goods, works and services should come from India, while the remaining 25% can come from outside India.