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IRFC and IIFCL sign MoU to solidify cooperation in financing railway infrastructure projects

IRFC and IIFCL sign MoU to solidify cooperation in financing railway infrastructure projects

| @indiablooms | 13 Oct 2022, 05:56 pm

New Delhi/IBNS: Indian Railway Finance Corporation Ltd. (IRFC), a Schedule ‘A’/Miniratna Public Sector Enterprise (PSE) under the Ministry of Railways, signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company Ltd. (IIFCL), a PSE under the Ministry of Finance, to enhance cooperation in financing railway infrastructure projects with forward and backward linkages to the Indian Railways sector.

The MoU was signed by Chairman and MD at IRFC Amitabh Banerjee and MD at IIFCL Padmanabhan Raja Jaishankar in presence of other senior officers from both organisations.

Speaking on the occasion, Banerjee said, “The partnership between IRFC and IIFCL is a step towards realising Hon’ble Prime Minister Narendra Modi’s vision of making India a $5 trillion economy by 2025.

"This symbiotic relationship between two premier financing institutions would play a pivotal role in providing impetus towards development of railway infrastructure in the country, leading to enhanced customer experience and reduce logistics cost by facilitating this state-of-the-art infrastructure.”

Underscoring the infrastructure sector's significance for developing the Indian economy, Jaishankar said that the signed MOU will enable both to "strengthen cooperation in co-financing / consortium financing of infrastructure projects, including railways sector.”

The MoU will benefit both enterprises to capitalise on each other’s expertise in infrastructure project financing, project due diligence, syndication, credit enhancement, re-financing etc.

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