ADB to provide largest single non-sovereign loan to fund railway track electrification in India

          Source: Xinhua| 2019-05-22 18:14:46|Editor: zh
          Video PlayerClose

          MANILA, May 22 (Xinhua) -- The Asian Development Bank (ADB) announced on Wednesday that it has signed an agreement to provide 750 million U.S. dollars equivalent in Indian rupees in long-term financing to fund a railway track electrification project in India.

          The financing to Indian Railway Finance Corporation (IRFC) will be used to fund the Railways Track Electrification Project, as part of a broad modernization program that will help India's railway sector transition to electric power and away from dependence on fossil fuels, the Manila-based bank said.

          ADB said the financing is the largest single non-sovereign loan ever committed by the bank.

          IRFC, an entity owned by the Indian government, will use the proceeds from the loan to install electric traction equipment along approximately 3,378 km of existing railway lines, which will enable the migration of passenger and freight traffic from diesel to electric traction, ADB said.

          It added the electrification assets will be leased to Indian Railways, the country's national railway system, under a long-term lease agreement.

          "This is a flagship project demonstrating ADB's strategy of supporting key state-owned enterprises in strategic sectors," ADB Vice-President for Private Sector Operations and Public-Private Partnerships Diwakar Gupta said.

          IRFC was set up in 1986 as the financing arm of Indian Railways for mobilizing funds from domestic and international capital markets. It is fully owned by the government and is registered as a non-banking finance company.

          TOP STORIES
          EDITOR’S CHOICE
          MOST VIEWED
          EXPLORE XINHUANET
          010020070750000000000000011100001380805241
          无码人妻一区二区三区四区av_亚洲精品911在线永久观看_精品一区二区国产在线观看_日韩不卡一区二区视频在线

                  亚洲乱色熟女一区二区三区 | 在线观看每日更新AV | 亚洲成色最大综合在线播放6 | 亚洲国产日韩综合久久精品 | 亚洲国产精品尤物yw在线观看 | 在线观看国产亚洲欧美 |