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Journalism of Courage
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.
