ADB has signed a loan agreement with the Indian Railway Finance Corporation (IRFC) to provide funds totalling Rs 51.88 billion ($750 million) for taking up railway track electrification projects in India. IRFC will use the proceeds to install electric traction equipment along the 3,378 km of existing railway lines to enable migration of passenger and freight traffic from diesel to electric traction. This is the largest single non-sovereign loan ever committed by ADB to IRFC to fund railway track electrification projects.
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