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ADB Signs Loan Agreement with India to Provide $250 mn to EESL
The Asian Development Bank (ADB) signs a loan agreement with India for $250 million. This loan is availed to expand energy efficiency investments in the country. The loan agreement to offer loan to Energy Efficiency Services Limited (EESL) has been signed on Monday. The agreement was signed by Kenichi Yokoyama, Country Director, ADB’s India Resident Mission and Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs, Ministry of Finance, India. About $46 million of financing is to be sanctioned from the Clean Technology Fund (CTF) and that will be administered by the bank.
In 2016, the bank has approved about $200 million loan to a public sector company EESL. This loan was provided for the demand-side energy efficiency sector project that was focused on efficient lighting and appliances. Besides, EESL would also explore other business models to create massive public demand for e-vehicles to help India in its move towards electric vehicles.
Apart from the loan amount, EESL would be provided with a technical assistance of $2 million to help in implementing the project. The project also includes a gender action plan, private sector mobilization, identifying new business opportunities, participation in energy-efficient services, and lastly transferring knowledge of successful models.
"The Asian Development Bank (ADB) and the Government of India on December 16, 2019, signed a USD 250 million loan to Energy Efficiency Services Limited (EESL) to expand energy efficiency investments in India that will benefit agricultural, residential and institutional consumers," according to the statement.
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