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IDF to promote highway expansion

IDFInfrastructure Debt Funds (IDFs) should try to mobilize resources from insurance and pension sectors as these funds are available for long term horizon, says finance minister P. Chidambaram. He was speaking at a function marking the first tripartite agreement between India Infradebt Fund, set up by ICICI Bank, Bank of Baroda, Citibank and LIC, the Himalayan Expressway and the National Highways Authority of India. The agreement is to facilitate a project of strengthening the existing carriageway spreading across the states of Punjab, Haryana and Himachal Pradesh. The Project is in operational phase. Shri Montek Singh Ahluwalia, deputy chairman of the Planning Commission was also present along with Dr Arvind Mayaram, secretary, department of economic affairs, Chanda Kochhar, MD and CEO, ICICI Bank, R.P. Singh, chairman, NHAI , S.S. Mundra, CMD, Bank of Baroda, Pramit Jhaveri, CEO, Citibank, and S.K Roy, CMD, LIC. This is one more step in operationslising the IDF structure as conceived by the ministry of finance and is in line with commitment of the government of India to attract funds for infrastructure development in the country. The India Infradebt Fund will have a capital of Rs 300 crore. Chanda Kochhar, speaking on the occasion, said that tripartite agreement is an outcome of partnership between two key ministries – finance and road transport and highways. Financing infrastructure is the national agenda and will require cooperation and partnership of all institutions and players, she added.

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