On behalf of the Government of India, Export - import bank of India (Exim Bank) extended the Democratic Republic of Congo Government (DRC) with 3 lines of credit totalling $ 83.11 million.
This funding will be used in three provinces, namely Karawa, Mbandaka and Lusambo, to finance the installation of three solar PV projects with a total capacity of 35MW.
The credit offered to the government of the DRC would facilitate projects such as hydroelectric power projects, power transmission and distribution projects, cement plant, hand pumps and submersible pumps installation, and solar power projects.
The DRC is among African countries that have not yet fully exploited the deployment of renewable energy particularly wind and solar.
In the DRC, the use of renewables, particularly in wind and solar, have not yet been fully exploited.
Recent efforts, however, focuses on speeding up the adoption of renewables with solar being the main focus.
India, over the years have cooperated with many African countries in the development of new and renewable energy technologies and capacity building.
In addition to promoting India's exports, LOCs from Exim Bank enable Indian expertise and execution capabilities to be demonstrated in emerging markets.