BoB signs MoU with IIFC for financing infrastructure projects

Mumbai, Jan 11 (UNI) Bank of Baroda (BoB) entered into a Memorandum of Understanding (MOU) with India Infrastructure Finance Company Limited (IIFCL) to jointly undertake financing of infrastructure projects.

The MOU was executed by BoB's Chairman and Managing Director Dr Anil K Khandelwal and IIFCL Chairman and Managing Director S S Kohli in the presence of Mr Vinod Rai, Secretary (Financial Sector), Union Ministry of Finance, in a ceremony held at New Delhi, said a BoB press release.

Speaking on the occasion Dr Khandelwal of Bank of Baroda remarked that the bank had already identified financing of infrastructure projects as a thrust area and has so far financed 125 infrastructure projects with a debt outlay of Rs 9600 crore approximately.

Further, he pointed out that the strategic understanding between Bank of Baroda and a dedicated institution like IIFCL will give a phillip in increasing financing of infrastructure projects.

Enthused by the alliance with BOB, IIFCL CMD Kohli remarked that the cooperative endeavors between the two organizations would go a long way in joint pooling of respective complimentary resources and expertise in financing of infrastructure projects.

Mr Vinod Rai, Secretary (Financial Sector) at Union Finance Ministry complimented BOB and IIFCL for initiative taken and remarked that such collaborative efforts will surely facilitate accelerated growth of infrastructure sector in the Country which unfortunately has not kept pace with the overall development taking place. He hoped that this initiative would assist BOB in doubling the flow of credit to infrastructure sector over next six months.

UNI