NEW DELHI, March 21 (UPI) -- A $50 million loan will help India develop its infrastructure, the Asian Development Bank said Wednesday.
The loan to the Infrastructure Development Finance Company will enable private companies to take part in infrastructure development, given the large investment sums needed to build up roads, sewage and other public structures, the bank said.
"India needs substantial investment in infrastructure if it is to achieve its economic growth targets. The Infrastructure Development Finance Company performs a critical role as the only significant domestic financial institution fully dedicated to infrastructure," said Seethapathy Chander, deputy director general of the bank's private sector department.
The loan was offered without a government guarantee, and the Infrastructure Development Finance Company will be able to offer U.S. dollar-denominated sub-loans to eligible sub-projects to build up infrastructure.
