IFC unveils $150-mn green financing package to KIIFB
International Finance Corporation, which is a part of the World Bank, has planned a green financing package of $150 million to the Kerala Infrastructure Investment Fund Board. KIIFB is a state government's infrastructure funding agency mandated with appraising, financing, and monitoring the construction of a portfolio of the State's infrastructure projects. The loan tenor is up to 10 years with a two-year grace period. IFC may mobilize around $50 million from parallel lenders. The investment proceeds will be used to finance critical urban infrastructure for Kerala and the funds will be deployed across two components: one would be construction of four new water supply projects, and the second would be construction of four hospital expansions which are to be EDGE (Excellence in Design for Greater Efficiencies) certified. Financing is expected to be accompanied by a comprehensive advisory package to: (i) help KIIFB implement the construction of water and hospital expansion projects according to international environmental and social (E&S) best practices and build up its E&S capacities, (ii) certify the hospital projects as green buildings using IFC's EDGE tool, (iii) help KIIFB develop a Green Financing Framework, and (iv) provide KIIFB with guidance and capacity-building for incorporating climate resilience into its operations.
📅Published on:
18 June 2021
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