IIFCL initiates $1.8-billion ECB fundraising programme

IIFCL, a state‑owned entity, has launched its $1.8 billion External Commercial Borrowing (ECB) programme by securing $200 million from international markets.

Key Takeaways

• IIFCL launched its $1.8 billion External Commercial Borrowing programme, raising an initial $200 million from international markets.
• The state-owned entity plans to raise about $1 billion via long-term ECBs of up to 15-year tenor under the MIGA Guarantee Facility.
• MIGA, part of the World Bank Group, guarantees against non-commercial risks to encourage foreign investment in developing nations.
• The long-term financing will support infrastructure projects with extended gestation periods.

This initial raise represents the first milestone in IIFCL’s wider international fundraising effort, after receiving government clearance to raise roughly $1.8 billion via ECBs, the firm announced in a Sunday statement.

IIFCL is tapping global financial markets, emphasizing competitive pricing, sound risk controls and the mobilization of long‑term capital to meet India’s infrastructure financing needs.

Within the programme, IIFCL plans to raise around $1 billion via long‑term ECBs of up to 15‑year tenor, under the MIGA Guarantee Facility, issued in several tranches.

The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, offers guarantees against non‑commercial risks to encourage foreign investment in developing nations and help alleviate poverty.

This long‑term financing will back infrastructure projects with extended gestation periods and enhance IIFCL’s ability to supply long‑term funding to the sector.

The initiative represents a strategic move to diversify IIFCL’s funding sources and tap into global reservoirs of long‑term capital.

IIFCL will keep exploiting international market opportunities to secure competitive, sustainable resources for India’s infrastructure growth.

Commenting on the development, IIFCL Managing Director Rohit Rishi noted that, with government sanction for roughly $1.8 billion of ECB issuance—including long‑term ECBs under the MIGA Guarantee Facility—IIFCL has established a structured fundraising programme.

“We are committed to delivering the programme on schedule and meeting the nation’s infrastructure financing needs,” he said.

IIFCL has a solid history of attracting international capital for India’s infrastructure, having raised more than $3.5 billion over the years and channeled those funds into infrastructure projects, he added.

The launch of the $1.8 billion ECB programme builds on that track record and enhances our capacity to direct long‑term global capital toward projects vital to India’s growth and development, he added.

Published on August 23, 2026