Government signs 140 million euro loan agreement with KfW for energy sector reforms

The Indian government (GoI) and German development bank KfW on Thursday signed agreements for a low-rate loan of 140 million euros and a grant of 2 million euros for an energy reform program in Madhya Pradesh.

The project will contribute to a more stable, secure and climate-friendly and environmentally friendly energy supply in India by modernizing and strengthening distribution networks in Madhya Pradesh, the finance ministry said in a statement.

It will contribute to an efficient, technically and economically efficient energy supply as well as to a socially and environmentally sustainable energy supply, he added.

The project has two components: the implementation of smart meters and advanced metering infrastructure (AMI); and the separation of agricultural and non-agricultural feeders.

At the same time, another statement indicates that a loan agreement has been signed between the Indian government and the European Investment Bank (EIB) for the first tranche of a loan of 250 million euros for the project of Agra metro.

The agreement was signed on Wednesday.

Prime Minister Narendra Modi inaugurated construction work on the Agra metro project in Agra, Uttar Pradesh last year by video conference.

The EIB has approved a total loan of 450 million euros for the project.

The EIB financing will help finance the construction of a 29.4 km metro corridor, comprising Corridor 1 from Sikandara to Taj East Gate (14 km) and Corridor 2 from Agra Cantt to Kalindi Vihar (15, 4 km).

In addition, the project will improve the economic productivity of the city and catalyze job creation, he added.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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