Tuesday, May 27, 2014: The Export Import Bank of India has reportedly signed a deal with Nigeria, to extend the country a credit line of $100 million. This is being done in order to finance energy projects in the country. According to reports, the African Development Bank (AfDB) in Abuja, Nigeria, said that the agreement was meant to provide electricity transformers to solar electrification in rural areas covering the states of Kaduna, Enugu and Cross River.
Further, the money would reportedly be used for the distribution of transformers to 96 communities in the three senatorial districts of Enugu. Reports said that a part of the loan would also go into creating substations, electrification and solar street lighting in Kaduna.
The money is also meant for the construction of two 26 MW gas-based power plants in the Delta Region of the southern part of Nigeria. The Exim Bank would reimburse the complete contract value to Indian exporters upfront when goods are shipped. India exports a lot of important items to Nigeria. Major part of these goods include machinery and instruments, pharmaceuticals, transport equipment, electronic goods and rice.
