India receives ADB loan for energy and utilities projects
The Asian Development Bank would allot a total of USD500 million in a loan package to finance the construction of a transmission system for solar and wind energy in the western region of India. This was confirmed by the bank in an announcement after unveiling a USD400 million package for a programme for water and sanitation for the eastern part of India.
The said loans issued by the Manila-based investment bank comes at a time when India is seeking to boost its dollar inflows in order to prop up the value of the sagging Indian rupee. There is a tightrope to be walked in order to create new investments and its consequences to the Indian economy.
According ADB's South Asia Department Energy Specialist Len George, "Boosing renewablel energy is important for Rajasthan and India to meet fast-growing energy needs in a way that is kind to the environment while also improving the country's energy security by reducing reliance on imported fossil fuels."