Infra lender NaBFID to sanction loan worth Rs 1 trillion this fiscal
The Indian government-backed National Bank for Financing Infrastructure and Development (NaBFID) expects to sanction close to 1 trillion rupees ($12.23 billion) in loans this financial year, its top executive told Reuters on Tuesday.
The infrastructure lender, which started operations last year, has sanctioned in-principle loans worth 450 billion rupees so far and is ready to disburse 230 billion rupees, said Rajkiran Rai, managing director of NaBFID.
“The initial set of approvals have been in the roads, renewable energy and transmission sectors.”
NaBFID was set up as a development finance institution to help fill the gap in infrastructure financing after commercial banks withdrew from the space due to large defaults between 2010 and 2015.
