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.
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Indian Railway Finance Corporation (IRFC)
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