The Cabinet Thursday approved a proposal to provide Rs.400 crore to the India Infrastructure Finance Company Ltd (IIFCL) during 2013-14.
This will help IIFCL fund viable infrastructure projects through long-term debt, takeout finance and credit enhancement, a government release said here.
This will supplement the available long-term finance for commercially viable infrastructure projects and enable raising long-term funds from domestic and overseas markets, including bilateral and multilateral institutions, at low-cost for onward long-term lending to infrastructure sector.
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