...signs $1.2-billion loan deal

New Delhi, Mar 28 | Updated: Mar 30 2008, 04:25am hrs
Power Grid Corp, on Friday said it has signed agreements with World Bank and Asian Development Bank for two loans of $ 600 million each for funding projects.

The loan from ADB is a part of the banks newly introduced loan facility called multi-tranche financing facility (MFF), under which loan assistance can be availed in a number of tranches depending upon the funding requirement. A Framework Financing Agreement for MFF had been signed with ADB for $ 600 million, PGCIL said in a statement. The MFF loan will be drawn in two tranches. In the first tranche, ADB will lend $ 400 million to the company, it added.