BoB, IIFC to co-finance infrastructure projects

New Delhi, Jan 10: Bank of Baroda today signed a memorandum of understanding with India Infrastructure Finance Company Ltd (IIFC) to co-finance infrastructure projects.

Both the parties will cooperate in debt financing for the developers to enable quicker financial closure for infrastructure projects in the areas such as power generation and distribution, road and bridges, telecommunication, ports and technology parks, an official statement said.

Also, both parties will work together in enabling extension of non-fund exposure in the form of letters of credit and bank guarantees. The bank would provide additional banking facilities to IIFC like cash management, treasury services and corporate accounts.

''The areas of co-operation will comprise of creating a deal flow of infrastructure projects for IIFC, credit appraisal, syndication of funds and co-financing,'' the statement added.

UNI