The World Bank announced last week the India will receive a loan of $400 million, the largest ever made by the organization, for an energy project.
The loan will help finance the foreign exchange cost of the development of the Bombay High oil and gas field, about 100 miles from Bombay.
The bank said the $823.2 million project will help complete the development of the southern and central areas of the Bombay High field, and thus help it achieve a production potential of 240,000 barrels a day by mid-1982.
The World Bank and an affiliate, the International Development Association, have been involved in the development of India's energy sector since 1950, the announcement said. The two institutions have made 20 loans and credits totaling $1.5 billion for power generation and transmission and two loans totaling $47.4 million for coal production.
Recent agreements by international lending and financial institutions based in Washington include: World Bank
A $56 million loan to Brazil for a rural development project in the northeastern state of Ceara. The project is designed to raise the productivity and incomes of about 60,000 farm families and about 1,100 small-scale entrepreneurs in the region. The average per capita income in the rural areas of Ceara in 1975 was $160.
The International Development Association, the soft-loan affiliate of the World Bank, has approved a credit of 6.4 million in special drawing rights ($8 million) to the government of Uganda for a technical assistance project. The project is aimed at helping the government prepare suitable development and rehabilitation programs for financing by the World Bank and other agencies.
A $15 million loan to the Development Bank of Zambia to promote medium- and small-scale industrial, agro-industrial and agricultural enterprises. As a result of the loan, more than $48 million in total investments will be made and about 1,800 new jobs will be created.
A $38 million loan from the International Finance Corp., a World Bank affiliate, to Tata Iron and Steel Co. Ltd. of India. The loan will support a $263 million modernization program and represents the first time an Indian industrial company from the private sector has been able to raise substantial foreign exchange project funds in the international capital markets. The project will improve efficiency, reduce operating costs and increase the company's output by 190,000 tons a year.
A credit of 63.3 million in special drawing rights ($83 million) to help finance an irrigation project in India's Orissa State. The project includes the development of a drainage master plan for the entire Mahanadi Delta and a program of water management.
A $10 million loan to Argentina to assist in the evaluation of the coal reserves of the country. The project will define coal reserves in the most promising areas of the Austral Basin, in the province of Santa Cruz in southern Argentina. The project includes a drilling program, seismic studies and geological reconnaissance.
A $42 million loan for a highway reconstruction project in Chile. The main objective is to rebuild about 250 kilometers of deteriorated sections of Chile's Longitudinal Highway in the country's central region.
A $25 million loan for an energy exploration project in Egypt's Western Desert. The project includes seismic surveys, drilling, testing and data processing and technical assistance. A study evaluating the feasibility of converting gasoline and subsequently diesel powered automotive vehicles to compressed natural gas will be included in the technical assistance portion of the project.
A $15 million loan to the government of Mauritius for an urban rehabilitation and development project. The project will support the shift in the government's housing policy from the building of subsidized rental units to the provision of housing credit for the lower income groups. The $24.5 million project provides for the strengthening of institutions responsible for urban planning, development and maintenance; the rehabilitation of housing and urban services in poor areas damaged by cyclones; and the improvement of traffic management, public transportation and solid waste disposal. Export-Import Bank
A $33.3 million credit to the Wankie Colliery Co. Ltd. of Salisbury, Zimbabwe, to assist in the purchase of more than $51 million in U.S. equipment for an underground coking coal mine and an open pit steam coal mine in western Zimbabwe. This is the first Ex-Im credit to support U.S. exports to Zimbabwe.
A one-year extension of the availability of a $100 million special line of credit to the Tunisian Ministry of Planning and Finance and a subloan under that line to finance U.S. exports for Tunisian projects. The credit line is intended to assist U.S. suppliers to win export orders for Tunisian projects with a value of $3 million or more. The subloan, the first of two, will support the purchase of $1.8 million in mining vehicles to the Tunisian government phosphate mining company. Inter-American Development Bank
Two loans totaling $80 million to help finance an expanded road reconstruction program in Argentina. The project involves 800 kilometers of roads that are vital to the rural development of six provinces. The loan will be used by the Direccion Nacional de Vialidad, Argentina's highway agency, to repave and widen 22 roads to enable them to accommodate a rising volume of heavy traffic.
Two loans totaling $60 million to help finance a comprehensive rural development project that is expected to benefit nearly 15,000 low-income families in the northwestern section of the state of Minas Gerais, Brazil. The loan will be used by the Secretaria de Planejamento e Coordenacao Geral, the state planning agency, to carry out four separate programs -- a production support program, an economic infrastructure program, an environmental protection program and a social improvement program.
Two loans totaling $91.3 million to help expand electricity in Costa Rica. An $82.5 million loan will be used by the Instituto Costarricense de Electricidad, Costa Rica's power agency, to build a 90,000 kilowatt hydroelectric power plant. The other loan, $8.8 million, will be used to finance the drilling of four deep wells for a geothermal energy project.