India and ADB Unite for Green Infrastructure

The Government of India and the Asian Development Bank have signed a $500 million loan agreement to promote green infrastructure in India, aligned with climate goals. The loan will be managed by the India Infrastructure Finance Company Ltd, assisting in sustainable urban and energy projects.

The Government of India, in collaboration with the Asian Development Bank (ADB), has finalized a $500 million loan to advance green and sustainable infrastructure initiatives. This venture is designed to support India's climate objectives.

The loan, backed by a sovereign guarantee, is set to be directed to the India Infrastructure Finance Company Ltd (IIFCL). Official signatories included Juhi Mukherjee from India's Department of Economic Affairs and Mio Oka, ADB's Country Director.

The funds will target infrastructure projects that emphasize connectivity and energy transition, alongside pivotal sectors such as urban development, education, and healthcare, ensuring a move towards achieving environmental sustainability and net-zero commitments.

(With inputs from agencies.)