MoS to get long-term loans from IIFCL for development of Major Ports

May 6, 2015 9:55 am Published by

The Ministry of Shipping (MoS) will sign an agreement with India Infrastructure Finance Company Ltd (IIFCL) under which IIFCL would provide loans for important infrastructure projects at the country’s 12 Major Ports, official sources said.

The Shipping Ministry plans to develop port projects worth Rs 15,000 crore through public-private partnership (PPP), for which IIFCL has agreed to provide long-term loans at the same interest rates that of commercial banks.

The Ministry had awarded 26 projects under PPP mode, entailing an investment of Rs 5,483 crore in 2012-13 and 2013-14.

Of the 276 projects identified under the National Maritime Development Programme (NMDP), 82 have been completed. Another 56 projects are in progress, and 30 have been dropped as they were found unfeasible by Port Trusts. The remaining projects are now part of the Maritime Agenda 2020, it is learnt.

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