The Asian Development Bank on 22 March, 2007, approved a $50 million loan to India's Infrastructure Development Finance Company Ltd to support the country's growing infrastructure development needs. ADB helped create IDFC in 1997.
Offered without a government guarantee, the loan will allow the company to offer dollar-denominated funds to eligible projects, the Manila-based ADB said in a statement.
Seethapathy Chander, deputy chief of the bank's private sector department said that India required substantial investment in infrastructure for it to achieve its economic growth targets.
"The Infrastructure Development Finance Co. performs a critical role as the only significant domestic financial institution fully dedicated to infrastructure," he said.