Pune: Export-Import Bank of India (India Exim Bank) signed a Buyer’s Credit Agreement for USD 35.26 million with the Ministry of Economy, Planning and Co-operation of the Republic of Senegal.
The agreement is for the purpose of construction and installation of 225 kV overhead Transmission Line from Tanaff to Ziguinchor (approx. 92 km) and bay extensions at Tanaff and Ziguinchor in Senegal.
This funding will be provided under the Buyer’s Credit programme under National Export Insurance Account (NEIA) Scheme. The project will enable securing energy supply in the southern region of Senegal comprising of Tambacounda, Ziguinchor and Tanaff, and reduce operating expenses and the cost per kWh.
It will initiate the interconnection of 225 kV power transmission line with OMVG (Gambia River Basin Development Organization) Energy Projects. The project will be executed by Kalpataru Power Transmission Ltd.
India Exim Bank had earlier supported the construction of 225kV transmission line for Tambacounda – Kolda – Ziguinchor link in Senegal by way of a Buyer’s Credit facility of USD 200 million under the NEIA Programme.
The Bank has supported various projects in power, water, railway and road sectors in various countries in Africa, Asia and Latin America under the NEIA scheme. The NEIA scheme is a unique financing mechanism that provides a safe mode of financing option to Indian project exporters backed by cover from NEIA Trust.