
IIFCL raised $200 million as the first tranche of a $1.8 billion ECB programme approved by the government, using MIGA guarantees for long-term funding up to 15 years.
State-owned India Infrastructure Finance Company Ltd raised $200 million from international markets, the first tranche of a $1.8 billion External Commercial Borrowing programme approved by the government, the company said Sunday.
The ECB programme includes long-term funding of about $1 billion with tenors up to 15 years under a guarantee from the Multilateral Investment Guarantee Agency, a World Bank arm that covers non-commercial risks. The remaining $800 million will be raised in shorter-tenor tranches, IIFCL said.
Managing Director Rohit Rishi said the company has put in place a structured fundraising plan after government approval. "We remain committed to executing the programme within the stipulated timeframe and supporting the country's infrastructure financing requirements," he said.
IIFCL has raised over $3.5 billion from international markets over the years. Rishi said the new programme builds on that track record and strengthens the lender's ability to channel long-term global capital toward critical infrastructure projects.
The long-term MIGA-guaranteed portion is designed to support projects with long gestation periods and extend IIFCL's capacity to provide long-term financing to the infrastructure sector, the company said.
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