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August 11, 2000
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Money > Business Headlines > Report August 11, 2000 |
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India to get $713-mn World Bank aidIndia and the World Bank signed three agreements on Friday for assistance towards three infrastructure projects, which include the third national highway project, the telecom sector reform technical assistance project and the second renewable energy project. The total World Bank global environment facility funding for these projects amount to $713 million, of which $658 million is IBRD loan, $50 million is IDA credit and $5 million is a GEF. The total cost of the third national highway project, is estimated at $650 million with a World Bank loan of $516.00 million and the counterpart funding of $134 million by the Government of India. The objectives of the project are to reduce transport constraints on economic activity and reduce transport costs and improve institutional capabilities to manage road programmes, assets and services. The loan amount will be used for the four-laning of 477 km of high traffic volume stretches of the national highway no 2 (GT Road) in Uttar Pradesh and Bihar. The project also includes a component for corridor management, road safety improvement and institutional strengthening. The loan has a variable spread and rate, and is a single-currency loan with a grace period of five years and a maturity of 20 years. The project will be implemented over a period of five years and is expected to be completed by December 31, 2005. The total cost of the telecom sector reform technical assistance project is estimated at $72 million with a World Bank (IBRD) loan of $62 million and counterpart funding of $10 million by the Government of India. The loan will primarily be used to upgrade the spectrum management capabilities of the department of telecommunication. The objectives of the second renewable energy project are, inter-alia, to increase power supply through investments in small hydro schemes mobilise private sector investment in renewable energy, promote energy efficiency and demand-side management Investment. The project is expected to be completed by September 30, 2005. UNI
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