IDFs should mobilise funds from insurance, pension sectors: FM

The First Tripartite Agreement was signed between India Infradebt Fund, Himalyan Expressway and NHAI

February 08, 2014 10:35 IST | India Infoline News Service
Union Finance Minister P Chidambaram said that Infrastructure Debt Funds (IDFs) should try to mobilise resources from insurance and pension sectors as these funds are available for long term horizon. Mr Chidambaram was speaking in New Delhi on Friday on the occasion of signing of First Tripartite Agreement by India Infradebt Fund (IDF), an IDF promoted by ICICI Bank, Bank of Baroda, Citibank and LIC, with National Highways Authority of India (NHAI).

Mr Chidambaram later handed the First Tripartite Agreement signed between India Infradebt Fund (IDF), Himalyan Expressway Limited and NHAI, for a project of strengthening of the existing carriageway spreading across States of Punjab, Haryana and Himachal Pradesh. The Project is in operational phase.

India Infradebt Limited (IDF) is an IDF promoted by four promoters – ICICI Bank, Bank of Baroda, Citibank and LIC to provide long term financing solutions to develop infrastructure in India, with a capital of Rs. 300 crore. With the signing of the tripartite agreement, the IDF will disburse its first loan under the IDF scheme. It also strengthens the confidence of domestic and overseas investors in Indian Infrastructure.

Earlier, Ms. Kochhar, CEO, ICICI said that tripartite agreement is an outcome of partnership between two key Ministries – Finance and Road Transport and Highways. Financing infrastructure is the national agenda and will require cooperation and partnership of all institutions and players.

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