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ADB, GREENWAY SECURE $6.5M FOR RURAL COOKING TRANSFORMATION IN INDIA
The Business Guardian
|November 24, 2023
A $6.5 million senior secured loan was arranged by DB and Greenway Grameen Infra Private Limited to produce and distribute one million enhanced
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In a ground-breaking agreement, the Asian Development Bank (ADB) and Greenway Grameen Infra Private Limited signed a USD 6.5 million senior secured loan to produce and provide one million upgraded cookstoves to rural households in the Indian states of Madhya Pradesh and Odisha. ADB claims that a USD 3.25 million first-loss liquidity reserve from the ADB-managed Climate Innovation and Development Fund (CIDF) is also a part of this revolutionary project.
Compared to traditional mud chulhas or indoor stoves, these improved stoves boast a 65 per cent reduction in fuel needs and a 70 per cent decrease in smoke emissions, significantly mitigating black carbon and carbon monoxide.
The project aims to subsidize the cost of these eco friendly cookstoves for rural households still reliant on inefficient traditional cooking methods.
This story is from the November 24, 2023 edition of The Business Guardian.
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