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Rs 620-crore Clean Tech Fund loan for state

A final agreement of the second development policy loan under the Clean Technology Fund (CTF) will be signed with the World Bank this week. The second policy development loan of Rs 620 crore is likely to be received by the end of March.

While the first loan of Rs 600 crore was a World Bank loan, the second policy development loan is not a World Bank loan, but a loan under the CTF managed by the World Bank.

Principal Secretary, Environment, Tarun Sridhar, Principal Secretary, Finance, SK Baldi and Director, Environment, SS Negi will meet World Bank officials in Delhi this week to hold discussions and complete the formalities for the second loan.

The loan which comprises a 90 per cent grant will be given at a highly subsidised rate of 0.45 per cent. It will be utilised for promoting inclusive green growth for sustainable development and for major environment protection measures, including cumulative environment impact assessment report of hydropower projects.

A high-level team of the World Bank visited Shimla from January 21 to 24 for the final appraisal of environment protection steps taken by the state government for availing the Rs 620-crore development policy loan. It also reviewed the measures initiated by key departments such as power, tourism, industry, environment and forests, pollution control board and watershed in consonance with fiscal policy loan advanced for various sectors in 2007.

The World Bank Board will meet on March 21 and the loan is likely to be sanctioned by end of the current financial year, Dr Negi said.

Dr Negi said while advancing the fiscal policy loan of Rs 540 crore in 2007, the World Bank had put certain conditions. The government had already set up a separate department of environment, made changes in tourism policy, made pollution data about pharma units online and taken some other steps. The World Bank team had agreed in principle for another loan of Rs 620 crore under the CTF and asked the state to send detailed proposals.

Climate Investment

  • The Clean Technology Fund is a Climate Investment Fund that provides concessional resources to middle income countries
  • The idea is to scale up demonstration, deployment and transfer of low carbon technologies in renewable energy, energy efficiency and sustainable transport

The Tribune (10-03-2014)