State-owned India Infrastructure Finance Company Ltd (IIFCL) has kick-started its USD 1.8 billion External Commercial Borrowing (ECB) fund-raising programme by mobilising USD 200 million through international markets.
The mobilisation marks the first milestone in IIFCL’s broader international fund-raising programme, following government approval to raise about USD 1.8 billion through ECBs, the company said in a statement on Sunday.
The company is pursuing opportunities across international financial markets with a focus on competitive pricing, prudent risk management and mobilisation of long-term resources to support India’s infrastructure financing requirements.
As part of the programme, IIFCL is envisaging raising about USD 1 billion through long-term ECBs, with tenors of up to 15 years, under the MIGA Guarantee Facility, in multiple tranches, it said.
The Multilateral Investment Guarantee Agency (MIGA), a world Bank Group arm, provides guarantees against non-commercial risks to
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