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3 May 2006 - The World Bank agreed on Tuesday to provide loans totalling Rs 28.17bn ($627.8m) to part finance power and municipal reform projects in India.

The Bank signed two separate agreements with the Union Government for providing loans of Rs 18.45bn for power transmission projects of Power Grid Corporation of India and extending Rs 9.72bn credit for a municipal reform project in Karnataka.

The Power System Development project-III is designed to focus on strengthening the transmission system in the power deficit regions and increasing inter-regional transmission capacity. It also aims at developing the institutional capacity of Power Grid.

Municipal reform project aims at enhancing urban infrastructure and services delivery in the state, along with development of Bangalore city. The project will be implemented over a period of five years.

The loan agreement was signed here by Madhusudan Prasad, Joint Secretary, Department of Economic Affairs, Ministry of Finance and Michael F Carter, Country Director, World Bank.

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