Current Affairs

ADB gives $750 mn loan for Railways Track Electrification Project

Asian Development Bank (ADB) signed an agreement with Indian Railway Finance Corporation (IRFC), an entity owned by Government of India (GOI) to provide USD 750 million long-term financing for the Railways Track Electrification Project.
ADB gives $750 mn loan for Railways Track Electrification Project

Details:

  • This project is part of a broad modernization program to reduce the dependence of India's railway sector on fossil fuels.
  • It is the largest single non-sovereign loan ever.
  • IRFC will use the proceeds from the loan to install electric traction equipment along about 3,378 kilometres of existing railway lines.

About IRFC:

  • IRFC was established in 1986.
  • It is the financing arm of Indian Railways for mobilizing funds from domestic and international capital markets.
  • It is registered as a non banking finance company (NBFC).

Question:

Q. Who has signed an agreement with Indian Railway Finance Corporation (IRFC) to provide USD 750 million long-term financing for the Railways Track Electrification Project?
a. South Asian Development Bank (SADB)
b. Asian Development Bank (ADB)
c. World Bank
d. BRICS Bank
ADB gives $750 mn loan for Railways Track Electrification Project ADB gives $750 mn loan for Railways Track Electrification Project Reviewed by Neha on May 25, 2019 Rating: 5

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