Asian Development Bank approved $700 m loan facility to IIFCL

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.Asian-development-Bank

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.

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