OPIC to allocate funds to India for expansion of internet facilities
The American Institution has approved an amount of $421 million to India, for the development of its solar and broadband projects, so that it could expand its internet infrastructure. Overseas Private Investment Corporation, the U.S. Government’s Development Finance Institution has sanctioned $250 million in senior debt financing to the subsidiaries of ReNew Power Ventures Private Limited. This would be utilised to construct up to 400 megawatt of renewable solar generation in India, covering various projects. ReNew will help India to achieve its goals to gradually adapt a low carbon economy. This is possible with the innovative financial structure that would efficiently streamline the funding projects for the new energy products. An approval from OPIC of $171 million for Tikona Digital Networks has also been made, so that it could help with the expansion of the low cost broadband facility and grow its network across India. One of the major reasons for the lack of widespread internet services in India is due to poor wireline, said OPIC. Recent studies have shown a connection between the GDP of a country to its internet penetration within the country. The OPIC’s support to Tikona will encourage the adoption of internet among residential and commercial consumers and advance this foundation for social and economic development. The directors of board of the Overseas Private Investment Corporation (OPIC) have given their support in the form of $795 million for the new five private sector lead developments projects. Elizabeth Littlefield, OPIC President and CEO said, “The projects approved today span the spectrum of positive impacts that OPIC’s development finance can spark.” She also added that, “Reaching from Southeast Asia to India to Africa, and in sectors from new broadband connectivity to inclusive banking services to sparking clean energy development, these projects show both how effective OPIC can be in impact lives across the developing world.”
March 22, 2016 | 03:45pm IST
to success.