Fulfilling its earlier
commitment, India has approved a soft loan of $160 million for three power
projects, one hydropower plant and two transmission lines.
Handing over an approval
letter to the Finance Ministry yesterday, the Exim Bank of India informed the
sanctioning of the soft loan for the 220-KVA Koshi corridor transmission line,
132-KVA Solu corridor transmission line and the 32-MW Rahughat hydropower plant
that is under construction, according to chief of the foreign aid coordination
committee under the Finance Ministry Madhu Marasini.
The loans have been
sanctioned under the first phase of a $250 million loan package commitment made
by the Indian government a couple of years back during the visit of then
premier Dr Baburam Bhattarai.
"The loan is
expected to help ease the acute power shortage in the country," he said,
adding that it will help the eastern industrial corridor get rid of the power
crisis.
Lack of transmission
lines has become a key hurdle currently as many independent power producers are
constructing hydropower plants.
The construction of six
medium-sized hydro power projects in the eastern region — popularly known as
super six projects — with a combined capacity of 130 MW has been halted due to
lack of transmission lines.
"Their
construction work will start again, as the Exim Bank of India has approved the
loan," he added. "It will mainly help in overcoming the power outage
problems being faced by industries in the Koshi Industrial Corridor that is one
of the largest industrial corridors in the country."
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