$310 Million Loan Pact Signed for 24x7 Power Supply for Jharkhand

New Delhi [India], Nov 20 (ANI): The Government of India and the World Bank have signed $310 million loan agreement for Jharkhand Power System Improvement Project to provide reliable, quality, and affordable 24x7 electricity to the state's people.

"Government of India, the government of Jharkhand and the World Bank signed here on Tuesday signed a $310 million Loan Agreement for Jharkhand Power System Improvement Project to provide reliable, quality, and affordable 24x7 electricity to the citizens of Jharkhand," said Union Finance Ministry in a press statement.

"The Jharkhand Power System Improvement Project will help build new power transmission infrastructure, as well as put in place systems to improve the technical efficiency and commercial performance of the state power sector utilities. The Project will help bring in modern technology solutions such as automated sub-stations, and network analysis and planning tools to provide reliable power supply and enhance customer satisfaction," says the statement.

"While a significant portion of the proposed investments are aimed at improving power transmission infrastructure, the Project will also focus on developing institutional capacities of State-owned power transmission and distribution companies and improving their operational performance," it further adds.

According to the statement, the Project is part of the Government of India's Power for All program launched in 2014. The plan envisages addition of over 4.5 GW generation capacities by 2022 (including a significant share of 1.5 GW from solar energy), through a mix of Private and Public-sector investments.

The Agreement for the Project was signed by Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India; Vandana Dadel, Secretary, Energy Department, on behalf of the Government of Jharkhand, and Junaid Ahmad, Country Director, World Bank India, on behalf of the World Bank.

After signing the agreement, Khare said that Jharkhand was one of the first states to join the 'Power for All plan' and is making efforts to improve access to power through reforms in transmission and electricity distribution. He further said that with the demand for reliable power expected to almost double in the coming years, the Project will help meet the energy needs of the State for its economic growth.

Speaking on the occasion, Junaid Ahmad, World Bank Country Director in India, said that the Government of Jharkhand is committed to providing quality power supply to its people for the State's economic development. This Project will help the State increase supply of reliable electricity to households, industries, businesses and various other productive sectors, and contribute to poverty alleviation, and inclusive growth in Jharkhand. (ANI)

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