NaBFID Eyes Largest Ever Fundraising for Q4

To support the country's ambitious economic push, India's state-owned National Bank for Financing Infrastructure & Development (NaBFID) is aiming to raise $4.7 billion, the largest fundraising ever during the January–March timeframe.

The financing would be achieved from the local debt markets through a combination of bonds and loans, the Business Standard reports. NaBFID has received approval from government-owned banks for some of the lending, and the new loan facilities will mostly have longer ten- to twenty-year tenors.

Infrastructural development is one of the primary agenda of the current Indian government. According to a Knight Frank report, India needs a $2.2 trillion investment to increase the size of its economy to $7 trillion by 2030.