Agreement inked for providing additional funding for Pare Hydroelectric Plant

ANI | Updated: Dec 20, 2017 21:19 IST

New Delhi [India], Dec 20 (ANI): A loan agreement was signed on Wednesday for providing additional funding of Euro 20 million for the Pare Hydroelectric Plant project, under the Indo-German Bilateral Development Cooperation.

"The Loan agreement for the project was signed by A.G. West Kharkongor, Chairman and Managing Director, North Eastern Electric Power Corporation Limited (NEEPCO) and Christoph Kessler, Director, KFW while the Guarantee Agreement was signed by S. Selvakumar, Joint Secretary, DEA and Mr. Christoph Kessler, Director, KFW," the Ministry of Finance said in a statement.

Dr. Martin Ney, Ambassador of Federal Republic of Germany to India, was also present during the inking of agreements.

The broad objective of the project is the efficient and eco-friendly generation of hydroelectric power for socio-economic development of the North Eastern Region.

Earlier in 2008, Germany had signed a loan agreement with the North Eastern Electric Power Corporation Limited (NEEPCO) for providing Euro 80 million with Government of India's Guarantee for the Pare Hydroelectric Plant project under Indo-German Bilateral Development Cooperation. (ANI)