The World Bank has approved $100 million (~Rs.6.5 billion) to develop solar parks in India. This includes a $75 million (~Rs.4.8 billion) loan from International Bank for Reconstruction and Development that will mature in 19 years and has a five-year grace period, a $23 million (~Rs.1.5 million) loan from the Clean Technology Fund (CTF) which has a 10-year grace period and a maturity of 40 years, and a $2 million (~Rs.129 million) interest-free CTF grant.