Indian Railway Finance Corporation (IRFC) and Indian Infrastructure Finance Corporation (IIFCL), both under the Ministry of Finance, signed a railway infrastructure financing agreement on Tuesday. A Memorandum of Understanding (MoU) was signed to strengthen cooperation in financing railway infrastructure projects for forward and backward linkages with Indian Railways.

The MoU was signed by IRFC Chairman and Managing Director Amitabh Banerjee and IIFCL Managing Director Padmanabhan Raja Jaishankar in the presence of senior officials from both organisations.

Under the MoU, IRFC and IIFCL will enhance each other’s capabilities, enabling them to jointly exploit financing opportunities to develop viable infrastructure projects.

Under the MoU, IRFC and IIFCL will enhance each other’s capabilities, enabling them to jointly exploit financing opportunities to develop viable infrastructure projects.

“The partnership between IRFC and IIFCL is a step towards fulfilling Prime Minister Narendra Modi’s vision of making India a $5 trillion economy by 2025. One of the two major financial institutions This symbiotic relationship between the two countries will play a key role in driving the development of the country’s railway infrastructure,” Banerjee told reporters.

He said this would enhance customer experience and reduce logistics costs by facilitating state-of-the-art infrastructure.

Jaishankar said IIFCL had been a leader in infrastructure financing in the country, and the MoU will enable both parties to strengthen their cooperation in project co-financing.