IDBI signs MoU with IIFCL

Mumbai, Apr 10 (UNI) The Industrial Development Bank of India (IDBI) today signed a memorandum of understanding (MoU) with the India Infrastructure Finance Company Limited (IIFCL) to pool in their combined resources to jointly finance infrastructure projects in the country.

The MoU was signed by IDBI chairman V P Shetty and IIFCL chairman S S Kohli, a release said.

Mr Shetty described the new development as a combined effort to fillip the promotion of infrastructure development projects in the country.

''The MoU has come at a time when the government has estimated an urgent investment of US 320 billion dollars in the country in the next five years for infrastructure development. The IDBI-IIFCL combine will now jointly extend assistace to borrowers striving for the cause,'' he added.

UNI