Hudco in talks with global development institutions to raise $1 billion by March: CMD

State-owned infra financing institution Housing and Urban Development Corporation Ltd (Hudco) is in talks with multilateral development banks, including ADB, and institutions to mobilise $1 billion to fund infra projects in the country, its MD Sanjay Kulshreshta said.

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“We are in advanced discussion with KfW (Germany's state-owned development bank) to raise $200 million,” he said.

Besides, the company is in talks with multilateral development banks like the Asian Development Bank for a loan of $500 million and $200-300 million from the Asian Infrastructure Investment Bank in the current financial year, he said.

“We are hoping to finalise these fundraises of about $1 billion during the current financial year for on-lending to infrastructure projects,’ he added.

Foreign funding will not only diversify the resource-raising stream but also bring down the cost of funds, he said.