India provides loan for Kakobola hydro plant in Congo

India has signed a deal with the Democratic Republic of Congo to extend a US$42 million credit line for building the Kakobola hydropower plant, the Export-Import Bank of India reported.

The deal falls under a $263 million loan commitment from India that it agreed with Congo late last year, wire services reported.

The 9.3-MW Kakobola hydropower plant is planned for the western Bandundu province.

Congo will start repaying after five years and then will pay 1.75 percent interest over 20 years, according to wire reports. This is the third line of credit approved by India to Congo in the recent years.

In other news, the European Investment Bank confirmed it has stopped funding environmental and social impact studies for the Gibe III hydroelectric power project in Ethiopia, as the Ethiopian government has found alternative sources of finance.

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