India power company seeks World Bank funding

India’s state-run Power Grid Corporation made an USD800 million appeal for non-sovereign loans to the World Bank. The announcement came shortly after a similar loan request to the Asian Development Bank was raised. “We are working hard to get non-sovereign guarantee from the Asian Development Bank and World Bank because our projects get cheaper by 50 percent because of deemed export benefits,” remarked chairman R.P. Singh. “We target to raise at least USD800 million non-sovereign loans from World Bank.”

Source: Power Grid to raise USD800 mln from World Bank (Reuters)

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