Fis Pledge Rs 6000cr More To Powergrid

International financial institutions have committed Rs 6,000 crore ($1.68 billion) more to finance new projects of the Power Grid Corporation of India, a government statement said here yesterday.

They have already committed about Rs 6,000 crore for ongoing projects, the statement said. The statement said the World Banks existing commitments to the power transmission company stood at $1.5 billion and the bank had agreed in principle to extend another $1.2 billion against a basket of projects spread over the next five to seven years.

PTI adds: The commitment is in addition to the Rs 6,000 crore pledged by these agencies for Powergrids ongoing projects, according to an official release here. The Asian Development Bank (ADB) has extended to PowerGrid a first sectoral loan of $275 million for a group of projects which include augmentation of transmission system in the north-east. The Japanese Overseas Econ- omic Cooperation Fund has also provided a loan amounting to 32.75 billion yen for the implementation of transmission systems associated with power project in Gandhar, Kathaguri and Faridabad.

 

In addition, the European Investment Bank, Overseas Development Admini- stration (UK), West Merchant Bank, The Banque Indosuez and Credit Nationale (Paris), Industrial Bank of Japan and Export-Import Bank of Japan have also extended financial support to several PowerGrid projects.