Online BusinessIIFCL eyes Rs 11,500-cr disbursal this fiscal
Government-owned India Infrastructure Finance Company Limited (IIFCL) expects to disburse close to Rs 11,500 crore this financial year.
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“Our disbursement so far this financial year has been close to Rs 6,300 crore. It was Rs 4,891 crore by the end of March 2009. We expect disbursal of Rs 10,500-11,000 crore by the end of this financial year,” said S S Kohli, chairman, IIFCL, on the sidelines of a CII Banking Colloquium in Kolkata today.
This apart, IIFCL has at its disposal Rs 10,000, which it had raised through tax free bonds, for refinance.
Also, under the Credit Enhancement scheme, IIFCL has appointed credit rating agency ICRA for framing a policy on term infrastructure bonds. It expects a policy on infrastructure bonds to be in place in three months, after ICRA submits its report.
“The bond market for infrastructure needs to be developed for long-term financing. We intend to create a policy for the bond market, and has also appointed a consultant for that,” said Kohli. IIFCL had signed an agreement with the World Bank for loan worth $1.2 billion spread over five years and is planning to sign an agreement with Asian Development Bank for raising $700 million.
As part of second stimulus package announced in January, the government allowed IIFCL to raise Rs 30,000 crore through tax-free bonds to enable refinancing various projects. The fund would be raised during 2009-10 for refinancing projects in the core sector. It also plans to raise Rs 3,000 crore through bonds by March 2010. It had already raised Rs 1,000 crore, said Kohli.