NEW DELHI: India Infrastructure Finance Company has agreed to provide long-term finance for developing port infrastructure in the public-private partnership mode, a senior government official said.
The shipping ministry will soon sign an agreement with IIFCL that will secure funds for important projects at the country’s 12 major ports, the official said.
The ministry aims to develop port projects worth Rs 15,000 crore through public-private partnership. “It will be an enablin g factor for projects. Compared to commercial banks, IIFCL will be in a position to provide longer-term loans even at the same interest rates,” the official said, requesting anonymity.
The agreement will also give the ministry access to IIFCL’s advisory services for infrastructure projects. The ministry had awarded 26 projects under the PPP mode, entailing an investment of Rs 15,483 crore, in 2012-13 and 2013-14.
As on December 2014, the 12 major ports had a capacity to handle 838.68 mi llion tonne of cargo. In 2014, the capacity went up by 7% over the previous year.
Out 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 the port trusts. The remaining projects are now part of the Maritime Agenda 2020.
