India to Raise $2B in Foreign Funding for Ports

Posted by Josh Keefe February 9, 2015

The Mumbai cargo terminal (Photo courtesy of the Mumbai Port Trust)

The Indian government is planning on raising $2B in overseas funding for major port expansion, the Economic Times of India reported today.

The funding will also be used to construct rail and road projects to connect the ports to the country's interior.

Indian officials told the Times that the proposal is soon to be finalized, and funds will be used to invest in 12 major ports. Officials also added that the plan will require approval from the Finance Ministry and the Reserve Bank of India.

"Ports are not hard pressed for money but we want access to cheaper funds," a senior government official told the Times.

The development of India's 4,660 mile (7,500 km) coastline is seen by Indian officials as a way to ease pressure on road and rail resources. During 2013-2014, the shipping ministry awarded 16 public-private partnership projects worth over $3B.

http://economictimes.indiatimes.com/