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  • Loan agreements with ADB to aid MP,Guj, Assam projects

    Published on February 28, 2012

    New Delhi : The government has signed three loan agreements amounting to 350 million US dollars with multilateral funding agency Asian Development Bank, ADB. A memorandum of Understanding was signed between Ministry of Finance and ADB in New Delhi yesterday. Under the first loan agreement, a 200 million US dollar loan will help the Madhya Pradesh government provide 24-hour electricity to rural households in the state. An official release in New Delhi said that another 100-million US dollar loan agreement was also signed to develop a solar power transmission system in Gujarat. The loan will help develop a transmission system that will distribute 500 megawatts of solar power from the Charanka Solar Park in Gujarat. The project will create job opportunities, improve social services and contribute to poverty reduction locally. It will also support power distribution companies in Gujarat and other Indian power utilities to meet part of their clean energy procurement obligations through solar energy. The release further said that under the third loan agreement a 50 million US dollar loan will help the Assam government enhance electricity transmission and distribution capacity in the state.


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