World Bank has approved $ 240 million credit to Andhra Pradesh Government’s project to provide 24×7 power to its people.
The loan from the International Bank for Reconstruction and Development (IBRD), has a 5-year grace period, and a maturity of 19 years.
The project is the first in India being co-financed by the Asian Infrastructure Investment Bank (AIIB).
The World Bank and AIIB will provide loans in a 60:40 ratio for all components of the project.
The project is part of the Government of India’s Power for All programme launched in 2014. Andhra Pradesh is one of the first states to roll-out the programme.
The projects seeks to strengthen the intra-state transmission and distribution network, bring down transmission losses and set up a High Voltage Distribution System in selected rural areas.
The project will also support smart consumer meters, with two-way communication and backend IT infrastructure, deployed in select urban towns.