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ADB to lend $1 bn to PowerGrid for expansion

ADB to lend $1 bn to PowerGrid for expansion

by | May 25, 2021 | Corporate, Corporate finance

ADB bankNew Delhi:(IANS) The Asian Development Bank (ADB) on Thursday said it would lend $1 billion to state-run Power Grid Corporation for expanding its transmission capacity in the country.

“ADB is to provide a $500 million government-backed loan and a further $500 million in non-sovereign lending to India’s national transmission company, Power Grid Corporation of India Ltd,” ADB said in a statement here.

“The new transmission lines connecting renewable energy-rich areas to the national grid will enhance connectivity between the regions by bringing clean energy to more people, making the overall Indian power system more efficient, and improving India’s overall energy security,” Hun Kim, Director General of ADB’s South Asia Department, was quoted as saying.

The loans will fund building and upgrading high voltage transmission lines and substations in Rajasthan and Punjab, as part of government’s Green Energy Corridor initiative.

“To increase energy delivery from India’s west to southern region, the project will also include new high-voltage direct current terminals in Chhattisgarh, Tamil Nadu, and Kerala states, boosting interconnectivity between the regions,” the statement said.

The government has announced a national renewable energy target of 175 GW by 2022, while PowerGrid’s funding needs for the interstate Green Energy Corridor are estimated at $3.5 billion.

“The combination of ADB’s sovereign-backed and private sector loans is an innovative financing solution that provides PowerGrid with a large, competitive and efficient source of funding,” Todd Freeland, director general of ADB Private  Sector Operations, was quoted as saying.

ADB to lend $1 bn to PowerGrid for expansion

India to get ADB loan for tourism development

by | May 25, 2021 | Corporate, Corporate finance

ADB bankNew Delhi:(IANS) The Indian government on Monday signed an agreement for a $123.51 million loan from the Asian Development Bank (ADB) for tranche three of the Infrastructure Development Investment Programme for Tourism to upgrade tourism infrastructure and services in Punjab, Uttarakhand and Himachal Pradesh.

The loan will be used for development and conservation of places of tourist attractions. It will also be used to improve basic tourism facilities, and to build the capacity of sector agencies and local communities in the three states.

The third tranche loan is part of the $250 million multi-tranche financing facility that ADB approved in 2010.

ADB’s country director for India M. Teresa Kho, in a statement, said the loan will support conservation of important heritage structures, including some century-old structures, and new facilities including centres for arts and crafts in the three states. Eco-parks and eco-tourism will also be developed to help the states attract more tourists.

To improve income opportunities for the local communities, more than 4,000 community members are set to be trained in tourism-related skills such as guides, crafts, and other recreational activities, while at least 30 community-based societies will be made operational in the management of natural and cultural heritage sites.