IIFCL to refinance Rs75,000 core worth infrastructure investment: Montek

The government will leverage the Rs30,000-crore refinancing facility with India Infrastructure Finance Company Ltd (IIFCL) to make funds of around Rs75,000 crore available for the infrastructure sector projects, planning commission deputy chairman Montek Singh Ahluwalia said today.

''I am particularly looking at implementing the IIFCL refinancing. We should implement that and announce the details as quickly as possible,'' he said after a meeting with IIFCL chairman S S Kohli and finance ministry officials.

Under the second economy stimulus plan announced by the government recently, IIFCL has been allowed to raise Rs30,000 crore in tax-free bonds and provide refinancing facility of about Rs75,000 crore to public-private partnership projects in the infrastructure sector.

"It is a very important instrument for getting investment in PPP projects," Ahluwalia said.

He, however, said more than the monetary part, implementation of projects assume importance considering the current slowdown and the low levels of business confidence.

"We are trying very hard - the clarity, pace of work going to be done etc should be made much clear. I am particularly looking at implementing the IIFCL refinancing," he said.

Efforts to revive industry assumes importance as the index of industrial production,, moved into negative zone for the first time in 15 years, dipping 0.4 per cent in October.

The country's exports also fell by 12.1 per cent in October and 9.9 per cent in November with major economies of the world, including the US, Japan the UK and other Euro zone countries slipping into recession in the aftermath of the financial market meltdown.