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ADB to lend $300 mn to boost infra funding by IIFCL
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IANS | 17 Nov, 2018
India and the Asian Development Bank (ADB) on Friday signed a
$300-million loan agreement to support state-run India Infrastructure
Finance Company Ltd (IIFCL) that provides long-term finance to
infrastructure projects.
The multilateral lending agency signed
two other deals with the Central government. The ADB will lend $169
million to develop water and sanitation services in Tamil Nadu and $105
million to support hydropower transmission in Himachal Pradesh.
"The
(IIFCL) project will enhance availability of long-term finance for PPP
projects, improve operational capacity of IIFCL and expand the portfolio
of infrastructure financing instruments available to IIFCL," Additional
Finance Secretary Sameer Kumar Khare said.
Khare, who signed the
loan agreement on behalf of the Indian government, said the loan is
expected to compliment government's infrastructure building efforts, the
Finance Ministry said in a statement.
ADB India Resident Mission
Country Director Kenichi Yokoyama said it is expected to fund at least
13 sub-projects through IIFCL involving roads and renewable power
generation.
The $300-million loan, which is the last tranche, is
likely to help catalyze the financial closing of $2.4 billion in
investments, the Ministry said. The attached technical assistance will
support IIFCL's capacity development and focus on its financial
management, among others.
The ADB also signed to lend $169
million to develop climate-resilient water supply, sewerage and drainage
infrastructure in at least 10 cities in Tamil Nadu.
The first
tranche, of a $500-million multi-tranche financing facility, will target
Chennai, Coimbatore, Rajapalayam, Tiruchirappalli, Tirunelveli and
Vellore.
"The state has faced recurring droughts and erratic
monsoons in the recent past resulting in severe water scarcity and urban
flooding. ADB's support will help address these complex urban
challenges through innovative and climate-resilient investment," Khare
said. Further, the ADB also committed to lend $105 million to
continue financing the transmission system upgrades in Himachal Pradesh
for increased supply of hydropower to the state and the national grid.
This
is the third tranche of the $350-million financing facility for
Himachal Pradesh Clean Energy Transmission Investment Programme approved
by the ADB Board in 2011.
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