India inks pact with World Bank for co-financing AP power proj

India today signed an agreement with the World Bank for co-financing loans worth USD 570 million for 'Power for All' project in Andhra Pradesh.
The total cost of the project is USD 570 million, out of which USD 240 million is from the International Bank for Reconstruction and Development (IBRD) -- an arm of the World Bank, and USD 160 million from the Asian Infrastructure Investment Bank (AIIB), a finance ministry statement said.
The rest will be counterpart funding from the government of Andhra Pradesh, it said.
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 said.

The loan agreement was signed here by Raj Kumar, joint secretary in the finance ministry on behalf of the Government of India; Hisham Abdo, operations manager and acting country director, World Bank (India) on behalf of the World Bank and D J Pandian vice-president and chief investment officer at AIIB.