Announcement of Fifty Seven Million Dollars Credit to India for Rural Electrification on July 10, 1975

eWorld Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. * Telephone: (202) 393-6360 IDA News Release No. 75/53 July 10, 1975 $57 MILLION CREDIT TO INDIA FOR RURAL ELECTRIFICATION The International Development Association (IDA), an affiliate of the World Bank, has approved a credit of $57 million for rural electrification in India. About 55,000 farmers, mostly on small holdings, will benefit from the energizing of minor irrigation wells. Power will also be supplied for small industries and for houses and street lighting in more than 6,000 villages. The credit will support some 140 schemes, involving total investments of $114 million, approved by India's Rural Electrification Corporation for implementation by State Electricity Boards. As more than half of the proposed connected load will be for irrigation pumping, farmers will be able to intensify land use and raise output through the use of high-yielding seed varieties. The project will also stimulate establishment of rural industries, especially agro- industries. The interest-free IDA credit is for 50 years, including 10 years of grace. There will be a charge of 3/4 of 1% to cover IDA's administrative expenses. Note: Money figures are expressed in US dollar equivalents.