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IFC and NaBFID Sign MoU to Develop Various Renewable Projects

The collaboration aims to support the India's target of achieving a USD 5 trillion economy while fostering low-carbon and climate-resilient growth.

June 05, 2023. By News Bureau

To develop a robust pipeline of investment-ready public-private partnership (PPP) projects in infrastructure across India, IFC and National Bank for Financing Infrastructure and Development (NaBFID) signed a memorandum of understanding (MoU).

The collaboration aims to support the nation's target of achieving a $5-trillion economy while fostering low-carbon and climate-resilient growth.

Under the MoU, IFC and NaBFID will collaborate to jointly identify and develop PPP projects. In addition, comprehensive transaction advisory services will be available for those initiatives.

The projects will be selected and implemented with an eye on sustainability as well as climate adaptation and mitigation, supporting India's climate commitments.

The initial projects are expected to mobilize around $2 billion in private investment over the next few years in national priority sectors, including renewable energy, energy storage, urban infrastructure, and others.

While providing models for replication and scaling up, projects developed through this partnership will be critical to mobilizing private funding to meet India's massive infrastructure investment needs—around $1.4 trillion, including $290 billion through the private sector, as estimated by the National Infrastructure Pipeline (NIP).

"NaBFID and IFC's collaboration to offer Transaction Advisory Services, with a focus on PPP projects, supports the government's NIP initiative," said Vivek Joshi, Secretary, Financial Services, Government of India. "The government has taken several measures to facilitate the development of PPP projects, including project implementation support and viability gap funding to project implementing agencies, among others. We welcome all stakeholder support to bolster India's economy, which requires a strong growth in the infrastructure sector."

"We welcome this opportunity to partner with NaBFID and deepen our collaboration with the Government of India and state governments, while supporting the development of sustainable, bankable, and replicable PPP projects to accelerate private capital mobilization," said Emmanuel B. Nyirinkindi, Vice President, Cross-Cutting Solutions, IFC. "This collaboration will help us deliver new infrastructure across India's critical sectors, boosting economic growth and supporting the government's national climate action agenda."

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