BoB inks pact with IIFC in infrastructure development

Mumbai, Jan 10 (UNI) The state-owned Bank of Baroda and India Infrastructure Finance Company Ltd (IIFC) entered into an Memorandum of Understanding (MOU) today to enhance the provision of financing and other banking products and services to entities involved in infrastructure development.

Informing the BSE, the Bank said as part of the MOU, both the parties will co-operate in joint pooling of respective complimentary resources and expertise of both the organizations in debt financing to enable quicker financial closure for infrastructure projects in the area such as Power Generation and Distribution, Road and Bridges, Telecommunication, Ports, Technology Parks etc.

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''. Also both parties will work together in enabling extension of non-fund exposure in the form of letters of credit, bank guarantees etc.

The Bank would also provide additional banking facilities to IIFC like cash management, treasury services and corporate accounts etc., and any other areas in which the Parties from time to time decide to work together.

UNI