Infrastructure Projects Current Affairs - 2019

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Government inks $300 million loan agreement with ADB to support IIFCL

Union Government has inked $300 million Loan Agreement with Asian Development Bank (ADB) to support lending by India Infrastructure Finance Company Limited (IIFCL). The loan will enhance availability of long-term finance for PPP projects, improve operational capacity of IIFCL. It will expand portfolio of infrastructure financing instruments available to IIFCL. It is expected to compliment Government’s infrastructure building efforts.

Key Facts

ADB funding is expected to fund at least 13 sub-projects through IIFCL, involving roads and renewable power generation, under the last tranche. It expected to help catalyze the financial closing of $2.4 billion in investments. In addition, attached technical assistance will support IIFCL capacity development and will focus on IIFCL’s financial management and social and environmental safeguards. It will support renewed effort of Central Government in accelerating infrastructure growth through increased Private Sector investment. The Project undertaken it will be relevant and responsive to constraints to bank based infrastructure financing, fiscal space creation, and repercussions on GDP growth.

India Infrastructure Finance Company Limited (IIFCL)

It was set up in 2006 to provide long term debt for infrastructure projects. It provides financial assistance to commercially viable projects, which includes projects implemented by public sector company, private sector company; or private sector company selected under Public Private Partnership (PPP) initiative. IIFCL raises funds from domestic as well as external markets on strength of government guarantees.

Following sectors projects are eligible for financing from IIFCL:

  • Power;
  • Warehouses;
  • Gas pipelines;
  • Cold storage chains;
  • Fertilizer Manufacturing Industry
  • Infrastructure projects in Special Economic Zones;
  • International convention centres and other tourism infrastructure projects;
  • Road and bridges, seaports, railways, airports, inland waterways and other transportation projects.
  • Urban transport, water supply, sewage, solid waste management and other physical infrastructure in urban areas.

Government approves Rs 8,606 crore for 60 projects under scheme of Border Infrastructure and Management

Union Government has approved Rs 8,606 crore for 60 projects being implemented under umbrella scheme of Border Infrastructure and Management (BIM). The projects are being implemented in 111 border districts in 17 states having the international borders with Pakistan, China, Nepal, Bhutan, Myanmar and Bangladesh. It will help to meet special development needs of people living in those areas within 50 kms of the international border. India shares borders with Pakistan (3,323 km), China (3,488 km), Nepal (1,751 km), Bhutan (699 km), Myanmar (1,643 km) and Bangladesh (4,096 km).

Border Infrastructure and Management (BIM) Scheme

The scheme include construction of roads, schools, primary health centres, promotion of rural tourism, border tourism, cleanliness mission, promotion of sports activities, supply of drinking water, protection of heritage sites, community centres, connectivity, drainage, to enable sustainable living in border areas. It also includes construction of helipads in remote and inaccessible hilly areas which do not have road connectivity, skill development training of farmers for use of modern and scientific technique in farming, organic farming are some of the other areas where the projects are being implemented.