Multilateral lending agency Asian Development Bank said it will provide up to USD 700 million (around Rs 3,360 crore) loan to India for accelerating infrastructure projects through public-private partnership initiatives. "The Asian Development Bank (ADB) will provide India up to 700 million dollar in loans to accelerate its roll-out of infrastructure projects through public-private partnership (PPP) initiatives," the bank said in a release. The ADB Board today approved the multi-tranche loan for the Second India Infrastructure Project Financing Facility. "The loan will be released over five years to the state-owned India Infrastructure Finance Company Ltd. (IIFCL),and is a follow-on of the first-stage facility of 500 million dollar,approved in 2007," ADB said. The IIFCL,established in 1996 to promote PPPs,will use the facility to support investments in a broad range of PPP infrastructure projects. As of August 2009,IIFCL had received 192 PPP sub-project proposals,of which it has identified 107 eligible cases. According to ADB estimates every dollar spent by IIFCL in sub-projects mobilises close to 7 dollar from the market.
