World Bank guarantee for power projects?

The World Bank is likely to provide an alternative guarantee structure for private investments in the power sector which will obviate the need for the Centre’s counter-guarantee to ventures other than the eight ‘fast-track’ projects involving foreign investment. Simultaneously, it is also extending an initial line of credit of $800 millions to the Industrial Credit and Investment Corporation of India (ICICI) for financing such private investments. This development follows the discussions Indian officials had with the World Bank team in Paris on Thursday when the multilateral institution was requested to play a more proactive role, consistent with its changing profile, in catalysing private sector investments in the key infrastructure sector.

OIL issue may hit market before ONGC

OIL India Ltd (OIL), followed by the ONGC and then the IOC, is likely to be the sequence in which the petroleum sector giants will enter the capital market. This line-up, recommended at a meeting held by the Petroleum Ministry on Wednesday with the three companies to coordinate the mega-issues, aggregating over Rs. 3,500 crores, is likely to be finalised soon. OIL is looking at raising Rs. 500 crores from the domestic market this year.

IDF pledges $ 6.8 b. to India

India’s development partners today pledged $ 6.8 billions as the consortium commitment for 1995-96 at the meeting of the Indian Development Forum (IDF). The concessional component of the pledge will be 41.02 per cent. This year’s commitment represents a significant increase from last year’s pledge of $ 6 billions. The concessional component has also gone up from $ 2.4 billions to $ 2.8 billions.

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