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NT Bureau
Chennai, Feb 4:
 

Bank of Baroda CMD Khandelwal exchanging an MoU with India Infrastructure Finance Company Ltd (IIFCL) chairman and managing director Kohli at a function held in Delhi recently.

        Bank of Baroda entered into a Memorandum of Understanding (MoU) with India Infrastructure Finance Company Ltd (IIFCL) to jointly undertake financing of infrastructure projects.

        The pact was executed by Bank of Baroda chairman and managing director Dr Anil K Khandelwal and IIFCL chairman and managing director S S Kohli in the presence of Union Ministry of Finance Secretary Vinod Rai at a function held in Delhi.

        Speaking on the occasion, Dr Khandelwal, CMD, Bank of Baroda remarked that the bank had already identified financing of infrastructure projects as a thrust area and has so far financed 125 infrastructure projects with a debt outlay Rs 9600 crore approximately. He pointed out that the strategic alliance betwee Bank of Baroda and IIFCL will give a fillip in increas-ing financing of infrastructure projects.

        Enthused by the alliance with BoB, IIFCL, chairman and managing director Kohli remarked that the cooperation endeavours between the two organis-ations would go a long way in joint pooling of respect-ive complimentary resour-ces and expertise in finan-cing of infrastructure projects.

        Vinod Rai, Secretary, Finance Ministry in his address complimented BoB and IIFCL for the initiative taken and added that such collaborative efforts will surely facilitat accelerated growth of infrastructure sector in the country which unfortuna-tely has not kept pace with the overall development taking place. He hoped that this initiative would assist BoB in doubling the flow of credit to infrastruct-ure sector over the next six months.

        Bank of Baroda general manager S C Kalia earlier welcomed the gathering while general manager K N Suvarna proposed a vote of thanks.