ADB to provide $100 million loan to upgrade power distribution in Bengaluru
The Asian Development Bank (ADB) will provide a USD 100 million (around Rs 730 crore) loan to modernise and upgrade the power distribution system in Bengaluru city, a finance ministry statement said.
Beside the USD 100 million sovereign loan, ADB will provide a USD 90 million loan without sovereign guarantee for the project to Bangalore Electricity Supply Company Ltd (BESCOM), one of the five state-owned distribution utilities in Karnataka.
“The ADB and the Government of India on December 31, 2020 signed a USD 100 million loan to modernise and upgrade the power distribution system to enhance the quality and reliability of electricity supply in Bengaluru city in the state of Karnataka,” the statement said.
