Housing and Urban Development Corporation (HUDCO) on Friday signed a preliminary agreement with Bihar to provide up to 1 trillion rupees ($10.50 billion) in loans for urban infrastructure projects, in one of the country's largest state-level infrastructure financing deals.The loans will be extended to the eastern state over a five-year period. HUDCO will provide the loan in tranches to the statutory authority of Bihar, and it will be used for urban infrastructure projects, including land acquisition. The memorandum of understanding also enables HUDCO to plan, develop, and finance greenfield satellite cities in the state. The funds will be provided to the state with a flexible repayment schedule of up to 25 years.
HUDCO to provide up to $10.50 billion loan for Bihar infrastructure projects
Bihar is set to receive a massive financial boost for its urban development. Housing and Urban Development Corporation (HUDCO) has inked a preliminary deal to offer up to ₹1 trillion ($10.50 billion) in loans over five years. These funds will fuel urban infrastructure projects, including land acquisition, and even support the creation of new satellite cities.
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