• Associate Sponsor

Asian Development Bank clears $700 mn loan for infrastructure development

Asian Development Bank set to support India's drive to accelerate investment in infrastructure.

Written by PTI | New Delhi | Published: October 3, 2013 1:42 pm

The Asian Development Bank (ADB) has approved USD 700 million in loans to support the Indian government’s efforts to accelerate investment in infrastructure which the country requires to ensure strong economic growth.

“Poor infrastructure is one of the biggest drags on growth and development in India and there is a large investment funding gap of about USD 113 billion during the 12th Five-Year Plan for 2012-2017,” ADB said in a statement.

This assistance to India’s Infrastructure Finance Company Ltd (IIFCL) will allow it to lead the market evolution for infrastructure financing and will spur greater involvement from the private sector,said Cheolsu Kim,Lead Finance Specialist in Asian Development Bank’s South Asia Department.

The government estimates that USD 1 trillion is needed in infrastructure investment to achieve economic growth of 8.4 per cent under its current five-year development plan,and expects nearly half of that to be financed by the private sector.

However,banks which have been the key source of infrastructure finance,are increasingly unable to provide funds as they are fast approaching exposure limits to key infrastructure companies,the Manila-based multi-lateral funding agency said.

Asian Development Bank’s funds – provided through two loans under a multi tranche financing facility – will be used to provide direct loans for project developers and to replace bank loans,freeing up banks to provide credit in other greenfield projects,it added.

Currently,31 road,railway,airport,urban infrastructure and energy projects,including in renewable energy,are in the pipeline to receive support from Asian Development Bank.

Established in 2006,IIFCL is wholly owned by the government and its borrowing programme is fully backed by a government guarantee.

For all the latest Business News, download Indian Express App

  1. J
    Johnson Hatton
    Sep 16, 2017 at 5:25 am
    We have a direct genuine provider for BG/SBLC specifically for lease, at leasing price of 4 2 of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA. Contact : Mr. Johnson Hatton Email:johnsonhatton Skype ID: johnson.hatton007 Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100 protected. In complete confidence, we will work together for the benefits of all parties involved. All inquires to Mr. Johnson Hatton should include the following minimum information so I can quickly address your needs: Complete contact information: What exactly do you need? How long do you need it for? Are you a prin l borrower or a broker? Contact me for more details. Johnson Hatton
    1. D
      Denis akwe
      Oct 18, 2014 at 11:14 pm
      I am Mrs.Sandra Bents from Germny, God has bless me with two kids and a loving husband, I promise to share this Testimony because of God favor in my life,2months ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be a loan lender not knowing he was a scam. he collected 2,000USD from me and refuse to email me since. then I was confuse, but God came to my rescue, one faithful day I went to Court after the Case of my friend I share idea with a friend and she introduce me to ERIVAN LOAN COMPANY, she said she was given 50,000USD by MR ERIVAN , THE MANAGING DIRECTOR OF ERIVAN LOAN COMPANY . so I collected his email Address ,he told me the roles and regulation and I followed, then after processing of the Doents, he gave me my loan of 30,000POUNDS .you can contact him on via email : (erivanloancompany@yahoo) I am sure he will help you.