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2541Rs.20 bn World Bank loan for Himachal hydel project

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  • Sanjeev Kumar Rana
    Apr 12, 2007
      Rs.20 bn World Bank loan for Himachal hydel project
      Calcutta News.Net
      Thursday 12th April, 2007 (IANS)

      The World Bank has agreed to provide a loan of Rs.20 billion for a
      major hydel project on the Sutlej River in Himachal Pradesh,
      officials said.

      The World Bank loan will aid the construction of the 412 MW Rampur
      project at an interest rate of 8 percent, an official of the public
      sector run Sutlej Jal Vidyut Nigam Ltd (SJVNL) told IANS here
      Wednesday.

      Apart from the loan, the remaining Rs.13.5 billion will be funded by
      the central and state governments as both have equity participation
      in the project, which is being built near Rampur Bushahr town, some
      140 km from here, the official said.

      'The World Bank has many stringent conditions which we have agreed
      to meet. This includes rehabilitation of some villagers as well. Out
      of all options, we thought the World Bank's rate of interest was the
      lowest,' he added.

      The Rampur project is scheduled to be completed by 2012. The site is
      close to the mammoth 1,500 MW Nathpa Jhakri project, the country's
      largest hydel project.

      The filtered waters of the Nathpa project will be diverted to the
      Rampur one thereby reducing the upcoming project's cost
      considerably, the official said.

      The Nathpa project, which cost a whopping Rs.86 billion, was also
      largely funded by the World Bank. It came into operation three years
      ago.

      http://www.calcuttanews.net/story/241068