ADB okays $250m Indian loan<\/p>\n
MANILA (Dow Jones): The Asian Development Bank said Friday it
\nhas approved a US$250 million loan for a national power grid in
\nIndia for interstate electricity transmission.<\/p>\n
The ADB also extended a partial credit guarantee to Power Grid
\nof India Ltd., or Powergrid - the project's proponent - to back
\nthe government agency's plan to secure a 15-year, $120 million
\nloan from a syndicate of commercial banks.<\/p>\n
The project, to be completed in 2005, will also enhance the
\nautonomy of Powergrid, a government agency responsible for the
\nconstruction and operation of India's main electricity
\ntransmission network, the ADB said.<\/p>\n
The project will allow Powergrid increase power distribution
\nefficiency by sharing power reserve margins, trading surplus
\nelectricity, and long-term power transfers between regions with
\nlow-cost hydropower or coal resources, the bank said.<\/p>",
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"sponsor": "Okusi Associates",
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