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 as part of a broad modernization program to reduce the dependence 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:
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).
About ADB:
Establishment: 1966
Headquarters: Mandaluyong, Philippines
President: Takehiko Nakao
Membership: 68 countries