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Asian Development Bank (ADB) has provided $400 million first tranche line of credit to India Infrastructure Finance Company Ltd (IIFCL) to help accelerate infrastructure growth through increased private sector investment.
State-owned IIFCL will have two years to utilise this limit and the line of credit would be used to advance direct loans as well as take-out bank loans.
First trancheThis first tranche comes with a tenure of 19 and a half years at competitive cost, which is a small mark-up over Libor.
The first loan is part of the ADB-approved $700-million accelerating infrastructure investment facility in India multi-tranche financing facility designed for IIFCL. The loan agreement for the first tranche was signed by Nilaya Mitash, Joint Secretary in the Finance Ministry, and Narahari Rao, Officer-in-charge of ADB’s India Resident Mission. Sanjeev Ghai, Chief General Manager, IIFCL, signed the project agreement.
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