Home » ADB approves $190 million loan to...

ADB approves $190 million loan to upgrade power distribution in Bengaluru

Sumit Arora Published On December 7th, 2020 Leave a comment

The Manila-based Asian Development Bank (ADB) has approved a loan of $190 million (approx Rs 1,400 crore) to modernize and upgrade the power distribution system in Bengaluru, Karnataka. The financial-assistance by ADB will be used for the Bengaluru Smart Energy Efficient Power Distribution Project.

WARRIOR 4.0 | Banking Awareness Batch for SBI, RRB, RBI and IBPS Exams | Bilingual | Live Class

The $190 million loan includes a $100 million sovereign loan and a $90 million non-sovereign guarantee loan to Bangalore Electricity Supply Company Limited (BESCOM). BESCOM is one of five state-owned distribution utilities and the largest in Karnataka. This combination of sovereign and non-sovereign loans is being deployed by ADB in India on a pilot basis for the first time.

Important takeaways for all competitive exams:

President of ADB: Masatsugu Asakawa; Headquarters: Manila, Philippines.

Find More News Related to Agreements

About the Author

Sumit Arora

Author

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.