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19 March 2008 - The World Bank has approved a $600m loan for state-run utility Power Grid Corp of India Ltd, backed by a government guarantee, to increase reliable power between states and regions.

"The Fourth Power System Development project aims to reduce transmission losses and cut the cost of energy through further investments in transmission systems," the World Bank said in a statement, reports Reuters.

"It will also contribute to the clean energy initiative through both the ability to transfer surplus hydro energy to power deficit regions in India and relieve some of the pressure to build generation facilities, particularly in and around the major load growth centers," the bank added.

The company operates most of India's inter-state transmission assets. Despite a booming economy, India's growth potential is constrained by lack of electricity services and limited power generation. Over 40 percent of the population is without electricity, while companies have to rely on back-up generators to ensure reliable supply.

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