The signatories to the Financing Environmentally Sustainable Growth in Infrastructure Project were Juhi Mukherjee joint secretary, Department of Economic Affairs, Ministry of Finance, for the Government of India, and Mio Oka, country director for ADB.
To meet its net-zero commitments, the country needs large private investments, which will require innovative financing platforms and risk-mitigation instruments to address inherent sector risks and market asymmetries. As a strategic development finance institution, IIFCL is well-suited to meet these needs, Ministry of Finance said in a press release.
The project will build the institutional capacity of IIFCL to integrate green and best practices into the infrastructure projects. A sustainability unit and an environmental sustainability framework will also be established, along with a scoring method to assess the sustainability rating of the projects.
“ADB financing will help IIFCL provide long-term capital for infrastructure projects focusing on connectivity and energy transition as well as under-resourced sectors like urban projects, education, and health care,” said Mio Oka.
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