State-owned IIFCL plans to raise $500 million (around Rs 2,500 crore) through commercial papers-- a debt instrument-- to finance infrastructure projects, a senior official of the company today said.

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"We plan to raise $500 million through Medium Term Note route for various infrastructure projects." IIFCL Senior Vice President R Rajagopalan said on the sidelines of a IBA seminar here.

However, Rajagopalan said, the company is yet to finalise the issue plans including the timing.

Since 2006, IIFCL has sanctioned 113 projects valued at $32 billion to different developers in the country, he said.

"We have sanctioned around 113 projects at $32 billion to different developers in the country. All infrastructure projects works are underway," Rajagopalan said.

These projects include roads (52), sea ports (5), power (18), urban infrastructure(1), airports(2) and urban development projects (19) amongst others.

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