World Bank, AIIB co-financing for Andhra power project

New Delhi June 22 (IANS) The Indian government on Thursday signed an agreement with the World Bank and the Asian Infrastructure Investment Bank (AIIB) for co-financing loans worth $570 million for the Power for All project in Andhra Pradesh.

The total cost of the project is $570 million of which $240 million is from the World Bank arm International Bank for Reconstruction and Development (IBRD) and $160 million from the AIIB a Finance Ministry statement said here.

The rest will be counterpart funding from the government of Andhra Pradesh it added.

The objective of the project is to increase the delivery of electricity to customers and improve the operational efficiency and system reliability in distribution of electricity in selected areas in Andhra Pradesh it added.

--IANS
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