Escrow account for Noida International Airport opened

The Yamuna International Airport Private Limited (YIAPL), Noida International Airport Limited (Nial) and the State Bank of India (SBI) on Tuesday signed an agreement to open and fund an escrow account for developing the proposed Noida international airport in Jewar along the 165km Yamuna Expressway.

“We have signed the financing agreement, which is required to open an escrow account that will be used for the mega project. This is a milestone. YIAPL has raised ₹3,725 crore from SBI to be repaid over a period of 20 years at an interest rateas per the existing rules with a one-year moratorium after the completion of the project. This is one of the largest funding ventures for an Indian greenfield airport,” said Arun Vir Singh, chief executive officer (CEO) of Nial.