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India signs loan agreement with the World Bank for USD 250 million

India blooms News Service | | 31 Mar 2016, 03:53 pm
New Delhi, Mar 31 (IBNS) Union ministry of finance announced on Thursday that India has signed a loan agreement with the World Bank for USD 250 million for "First Programmatic Electricity distribution Reform Development Policy Loan for Rajasthan".
The  agreement was singed by Raj Kumar, Joint Secretary (MI), Department of Economic Affairs on behalf of the Government of India and Onno Ruhl, Country Director, World Bank (India) on behalf of the World Bank. 
The Program Implementing Entity Agreement was signed by Sanjay Malhotra, Principal Secretary, Department of Energy, Government of Rajasthan on behalf of Government of Rajasthan, and the Country Director (India) on behalf of the World Bank. 
The project size is USD 250 million, and the total amount will be financed by the World Bank. 
The objective of the proposed programmatic operation is to support the Government of Rajasthan (GoR)'s program for the turnaround of the distribution sector in Rajasthan under the 24x7 Power for All program. 
This first operation lays the foundations for legislative changes and institutional reforms to improve the sector's governance, supports the financial restructuring of the sector, and back sanctions necessary to improve operational performance, said the ministry. 
The main areas of the GoR program that are supported by the proposed operation are: (a) Strengthening Governance in the Rajasthan Electricity Distribution Sector; (b) Financial Restructuring and Recovery; and (e) Improving Operational Performance' of Distribution Utilities. The project has been designed. as a result based financing programme, under which funds will be released only on achievement of agreed results/indicators.