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Asian Track
May 25 , 2019
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- The Asian Development Bank (ADB) has signed an agreement to electrify railway tracks in India under Railways Track Electrification Project.
- As per agreement ADB will provide $750 million long-term financing to Indian Railway Finance Corporation (IRFC).
- It is the largest single non-sovereign loan ever committed by ADB to a member country.
Indian Railway Finance Corporation (IRFC)
- IRFC was set up in 1986.
- It raises financial resources for expansion of railways.
- It started borrowing from market in 1997.
- It raises money through financial bonds and from banks and financial institutions
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