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Daily PIB Summary- 29 August 2018

Press Information Bureau India

PIB Summary

Government of India and the World Bank sign $300 Million Agreement to help scale-up India’s Energy Efficiency Program
  • The Government of India and the World Bank signed here today a $220 million Loan Agreement and a $80 million Guarantee Agreement for the India Energy Efficiency Scale-Up Program. The Program, to be implemented by the Energy Efficiency Services Limited (EESL), will help scale-up the deployment of energy saving measures in residential and public sectors, strengthen EESL’s institutional capacity, and enhance its access to commercial financing.
  • The investments under the Program are expected to avoid lifetime greenhouse gas emissions of 170 million tons of CO2, and contribute to avoiding an estimated 10 GW of additional generation capacity. This would be over 50 percent of the National Mission for Enhanced Energy Efficiency target of 19.6 GW indicated in India’s Nationally Determined Contributions (NDCs) under the Paris Accord.
  • Under the Program, EESL will deploy 219 million LED bulbs and tube lights, 5.8 million ceiling fans, and 7.2 million street lights, which will be supplied by private sector manufacturers and suppliers.
  • As an integral part of the operation, the first-ever IBRD guarantee in India will help EESL access new markets for commercial financing in line with the Bank’s approach of maximizing finance for development. 
  • The guarantee is expected to leverage some $200 million in additional financing, to help EESL with its growing portfolio and future investment needs.
The Government of India, Government of Rajasthan and World Bank sign a $250 Million Agreement to Support Electricity Distribution Sector Reforms in Rajasthan
  • The Government of India, the Government of Rajasthan and the World Bank signed here today a $250 million Development Policy Loan (DPL) to support the Government of Rajasthan in improving the performance of its Electricity Distribution Sector under the State’s 24x7 Power for All program. 
  • The Second Programmatic Electricity Distribution Reform Development Policy Loan for Rajasthan is the second in the series of two operations planned for a comprehensive turnaround of Rajasthan’s electricity distribution sector. The First Loan closed in March 2017.
  • This operation will deepen the Institutional and Operational Reforms that were launched in late 2015 centered around the Government of India’s (GoIs) Ujwal DISCOM Assurance Yojna (UDAY), which Rajasthan joined in 2016 and the Rajasthan State Electricity Distribution Management Responsibility (RSEDMR) Act, which aims to reform the Governance of DISCOMs and bring greater public accountability in their functioning.
  •  The loan from the International Bank for Reconstruction and Development (IBRD), has a 3-year grace period, and a maturity of 21 years.