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

ADB approves $190 million loan to upgrade power distribution in Bengaluru_50.1

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.

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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.

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ADB approves $190 million loan to upgrade power distribution in Bengaluru_60.1

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