Manila: The Asian Development Bank said Thursday it has approved a $50 million loan to India’s Infrastructure Development Finance Company Ltd to support the country’s huge development needs.
Offered without a government guarantee, the loan will allow the company to offer dollar-denominated funds to eligible projects, the Manila-based ADB said in a statement.
“India needs substantial investment in infrastructure if it is to achieve its economic growth targets,” said Seethapathy Chander, deputy chief of the bank’s private sector department.
“The Infrastructure Development Finance Co. performs a critical role as the only significant domestic financial institution fully dedicated to infrastructure.”
ADB helped create the company in 1997.