India signs $ 59 million loan agreement with ADB

India signed a $ 59.1 million agreement with the Asian Development Bank for the second tranche of the Himachal Pradesh Clean Energy Development Investment Programme here today.

The agreement was signed by Dr Anup K Pujari, Joint Secretary (Multilateral Institutions), Department of Economic Affairs on behalf of the Government of India and by Mr Kun Kim, Country Director, India, on behalf of the ADB.

Mr Tarun Kapoor, Managing Director, Himachal Pradesh Power Corporation Ltd signed the agreement on behalf of the Corporation as well as the Power and Finance department of the Himachal Pradesh government.

An official press release said the second tranche would cover civil works for construction of a diversion barrage, power intake, de-sanding arrangements and gates and hoisting for the Sawra Kuddu hydroelectric project, located in the Shimla district of Himachal Pradesh.

The programme, approved in 2008, is for a total amount of $ 800 million. It covers the Sawra Kuddu, the Keshang I, II and III stages, the Sainj, and the Shontong - Karcham projects.

The first tranche of the project was signed on November 10, 2008. It was for an amount of $ 150 million, the release added.

NNN