India Secures $500 Million ADB Loan for Green Infrastructure Projects

The central government and the Asian Development Bank (ADB) have signed a 500 million dollar loan to support green and sustainable infrastructure projects aligned with the country’s climate commitments. In a statement, the Ministry of Finance said that the loan, with a sovereign guarantee, will be extended to the India Infrastructure Finance Company Limited (IIFCL). It said that the project will build the institutional capacity of IIFCL to integrate green and best practices into the infrastructure projects. The ministry said that a sustainability unit and an environmental sustainability framework and scoring method to assess the sustainability rating of the projects will also be established. Speaking on the occasion, the Country Director of ADB, Mio Oka, said that this financing will help IIFCL provide long-term capital for infrastructure projects focusing on connectivity, energy transition, education, and health care.