New Delhi : Finance Minister P Chidambaram said Infrastructure Debt Funds (IDFs) should try to mobilise resources from insurance and pension sectors.
He said this on the occasion of ICICI Bank-led India Infradebt Fund signing a Rs 50-crore tripartite loan pact for a road project promoted by Jaypee group.
“Infrastructure Debt Funds (IDFs) should try to mobilise resources from insurance and pension sectors as these funds are available for long term horizon,” he said. Later, ICICI Bank Managing Director and CEO Chanda Kochhar told reporters that the agreement paves the way for many more such road projects to have access to funding. The pact was signed between the IDF, the NHAI (National Highways Authority of India) and the project company which in this case is the Himalayan Expressway Ltd (HEL).
Kochhar said there are almost 100 road projects in the country that are ready and would require about Rs 50,000 crore of bank funding. The government had in 2011-12 fiscal allowed to form IDF to step up investment in the infrastructure sector, which requires USD 1 trillion in the 12th Plan.