ADB to Provide Loan for Railway Track Electrification Project
On 22nd May, 2019,Asian Development Bank (ADB) signed an agreement with Indian Railway Finance Corporation (IRFC) to provide USD 750 million equivalent in Indian rupee long-term financing to electrify railway tracks in India.
It is the largest single non-sovereign loan ever committed by ADB to IRFC to fund the railways track electrification project.
It is a part of a broad modernisation programme that will help India’s railway sector to transition to electric power and away from dependence on fossil fuels.
Concurrently, with the loan agreement signing, risk participation agreements were signed with private risk participants for the project.
