Asian Development Bank (ADB) approved $700 m loan facility to India Infrastructure Finance Company Ltd (IIFCL).
Asian Development Bank has approved $700 million line of credit to India Infrastructure Finance Company Ltd (IIFCL) to support the Government’s efforts to boost infrastructure development in the country.
The new financing facility—Accelerating Infrastructure Investment Facility in India—will focus on supporting Public-Private Partnership (PPP) projects in roads, highways, airports, urban infrastructure and also some renewable energy projects.
ADB’s funds will be provided through two loans under a multi-tranche financing facility. While the first loan will be $400 million to be released from January 2014, the second tranche of $300 million will most likely be in 2016, Kim told Business Line over phone from Manila.
The disbursement of second loan hinges on the performance of the first tranche.