NEW DELHI: Multilateral funding agency Asian Development Bank (ADB) Wednesday said it has signed an agreement to provide USD 750 million equivalent in Indian rupee long-term financing to electrify railway tracks in India.
It is the largest single non-sovereign loan ever committed by ADB to Indian Railway Finance Corporation (IRFC) to fund the railways track electrification project, ADB said in a release.
As part of a broad modernisation programme that will help India’s railway sector transition to electric power and away from dependence on fossil fuels, it said.
Concurrently, with the loan agreement signing, risk participation agreements were signed with private risk participants for the project. (AGENCIES)
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