The Asian Development Bank (ADB) and the Government of India has signed a $100 million loan (approx. 740 crore) to modernise and upgrade the power distribution system to enhance the quality and reliability of electricity supply in Bengaluru.
The signatories were Dr. C. S. Mohapatra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance who signed for the Government of India, and Mr. Hoe Yun Jeong, Officer-in-Charge of ADB’s India Resident Mission, who signed on behalf of ADB.
It agreed that beside the $100 million sovereign loan, ADB will provide a $90 million without sovereign guarantee loan for the project to Bangalore Electricity Supply Company Limited (BESCOM).
The loan will strengthen the capacity of BESCOM in operation and maintenance of underground cabling, environment and social safeguards, financial management and commercial financing.