Multilateral lending agency Asian Development Bank today said it will provide up to $700 million (around Rs 3,360 crore) loan to India for accelerating infrastructure projects through public-private partnership initiatives.

"The Asian Development Bank (ADB) will provide India up to 700 million dollar in loans to accelerate its roll-out of infrastructure projects through public-private partnership (PPP) initiatives," the bank said in a release.

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"The loan will be released over five years to the state-owned India Infrastructure Finance Company (IIFCL), and is a follow-on of the first-stage facility of 500 million dollar, approved in 2007," ADB said.

The IIFCL, established in 1996 to promote PPPs, will use the facility to support investments in a broad range of PPP infrastructure projects.

As of August 2009, IIFCL had received 192 PPP sub-project proposals, of which it has identified 107 eligible cases. According to ADB estimates every dollar spent by IIFCL in sub-projects mobilises close to 7 dollar from the market.

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