IRFC secures $300-M loan from Japan’s Sumitomo Mitsui Banking Corp

Gandhinagar-based Indian Railway Finance Corporation (IRFC) has secured a USD 300 million loan from Sumitomo Mitsui Banking Corporation (SMBC). This transaction marks IRFC's return to the External Commercial Borrowing (ECB) market after more than three years.The ECB facility features a five-year tenor and is benchmarked to the Tokyo Overnight Average Rate (TONAR). IRFC intends to use this financial maneuver to support its diversified infrastructure projects.