IIFCL TO LAUNCH $1 BILLION DEBT FUND
State lender India Infrastructure Finance Company (IIFCL) is set to announce a $1-billion infrastructure debt fund through mutual fund route on April 10. With the funding of Rs 1,350 crore, IIFCL will own 26% stake in the fund while IDBI Bank will have 14% and Life Insurance Corporation 10% stake. Asian Development Bank, HSBC and Barclays will contribute the remaining 50% in the fund. IIFCL along with LIC and IDBI will be contributing $500 million while Asian Development Bank will be putting in $250 million and Barclays and HSBC will be contributing $150 million each. Such infrastructure debt funds (IDFs) are expected to address the long-term financing needs of infrastructure projects and fast track them.