Indian Railway Finance Corporation Raises $1.1 Billion ECB Loan

Indian Railway Finance Corporation (IRFC) has signed a loan agreement with a consortium led by State Bank of India, HDFC Bank, Sumitomo Mitsui Banking Corporation and DBS Bank to raise Japanese Yen equivalent of $1.1 billion through External Commercial Borrowing (ECB). The 5-year facility is benchmarked to TONAR and will be utilised for financing railway-linked infrastructure and related projects. This marks IRFC’s first ECB fundraising in FY27, following successful ECB transactions worth $700 million in FY26.