India extends line of credit for solar parks in Cuba

India has extended a line of credit of USD 75 million (over Rs 500 crore) to Cuba for financing solar parks. An agreement has signed between Export-Import Bank of India (Exim Bank) and Banco Exterior De Cuba in July last year. The Banco Exterior De Cuba is a nominated agency of the Government of Cuba.

Daily Current Affairs Quiz 2020

Under the LoC, the terminal utilisation period is 60 months after the scheduled completion date of the project. As per the agreement, financing of export of eligible goods and services from India would be allowed subject to their being eligible for export under the Foreign Trade Policy.