Power Grid expects $2bn funding from World Bank, ADB

Power Grid expects $2bn funding from World Bank, ADB
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First Published: Thu, Feb 19 2009. 02 13 PM IST
Updated: Thu, Feb 19 2009. 02 13 PM IST
By Reuters
Mumbai: Power Grid Corp of India expects to receive funding from the World Bank and the Asian Development Bank to fund its investments, a top official said on Thursday.
“World Bank has recently agreed to lend us a $1 billion loan for our forthcoming schemes and so has ADB. They (ADB) have also agreed to lend us $1 billion,” chairman and managing director S.K. Chaturvedi told television channel CNBC-TV18 .
The loan from the Asian Development Bank will be finalised by the end of March, and the one from the World Bank is expected to receive final approval by the end of June, he added.
The board recently approved investments worth Rs51.81 billion to strengthen the company’s transmission network in the southern, northern and western grid.
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First Published: Thu, Feb 19 2009. 02 13 PM IST