Government on Wednesday said India Infrastructure Finance Company (IIFC) would soon enter the market to raise funds to raise capital for infrastructure projects.
"The government will provide sovereign guarantee to IIFC project to the extent of Rs 100 billion per annum," Finance Minister P Chidambaram said at a CII function on Private Investment in Infrastructure.
He said, 13 projects in public-private partnership involving Rs 5,635 crore have been cleared, while six proposals are under consideration, five others are in the advance stage of finalisation.
Chidambaram said 17 projects involving Rs 39.70 bn of investments under Viability Gap Funding have been granted in-principle approval and 14 proposals has some outstanding issues that are being resolved.
While four others have been received recently.
Finance Minister has asked the Finance Secretary to put a note on how to use forex reserves for infrastructure projects.