The proposed funding would make up for 15% of the national power transmission company’s projects cost, estimated to be worth $2.3-3.5bn, according to the IFC.
Power Grid is expected to fund 70% of the projects cost through debt while the remaining 30% will be obtained from internal accruals.
IFC said the proceeds are intended for financing transmission projects to be undertaken by Power Grid and shall not be used for engineering, procurement and construction consulting and/or operations & maintenance services and/or joint-venture projects.
Multilateral lenders, World Bank and ADB will raise the balance of the debt through issuance of domestic bonds, reports PTI.
