The Manila-based Asian Development Bank (ADB) has accepted a mortgage of $190 million (approx Rs 1,400 crore) to modernize and improve the ability distribution system in Bengaluru, Karnataka. The financial-assistance by ADB might be used for the Bengaluru Smart Energy Efficient Power Distribution Project.
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The $190 million mortgage features a $100 million sovereign mortgage and a $90 million non-sovereign assure mortgage to Bangalore Electricity Supply Company Limited (BESCOM). BESCOM is one among 5 state-owned distribution utilities and the most important in Karnataka. This mixture of sovereign and non-sovereign loans is being deployed by ADB in India on a pilot foundation for the primary time.
Important takeaways for all aggressive exams:
- President of ADB: Masatsugu Asakawa; Headquarters: Manila, Philippines.
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