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India has signed a deal with the Democratic Republic of Congo to extend a US$42 million credit line for building the 9.3 MW Kakobola plant, the Export-Import Bank of India reports.
The deal falls under a $263 million loan commitment from India that it agreed to with Congo in late 2009, wire services have reported.
Kakobola is planned for the western Bandundu province. The project is expected to be completed in three years.
Congo will start repaying the loan after five years and then will pay 1.75% interest over 20 years, according to wire reports. This is the third line of credit approved by India to Congo recently.
News date: 01/01/2011