The World Bank Thursday approved a 400 million US dollar (2,48 milliarder DKR) loan to help India upgrade its decrepit (forældede) power grid and ease a major bottleneck to faster economic growth.
The loan will go to the Power Grid Corporation of India, whose finances are guaranteed by the Indian government, the Washington-based global lender said in a statement.
– India continues to face severe power shortages that translate into substantial losses to the economy, said Michael Carter, the Banks country director for India.
Meanwhile, the World Bank also Thursday extended a 105 million US dollar loan for a hydrology project aimed at improving productivity and cost-effectiveness of water-related investments in 13 states.
The project will be implemented over six years by the ministry of water resources. The hydrology project is expected to extend and promote the sustained and effective use of the hydrological information system by all potential users concerned with water resources, both public and private.
Kilde: www.worldbank.org
