State lending arm, the Private Sector Infrastructure Development Company (PSIDC), is to be wound up after funding just two projects in its five-year term.
PSIDC was floated in 1996 to manage a state owned fund, offering long-term subordinated debt to support private investment in infrastructure projects.
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rnDriven largely by the World Bank, US$ 70 mn in Bank money was injected as seed capital, to finance up to 40 percent of the project cost.rn
rnIt was mooted to overcome difficulties in mobilising long-term finance - 15 years or more, for projects in mainly the telecom, power and transport sectors. rn
rnCommercial debt sources typically operate on terms of three to four years, extending to seven years in some cases and often require government guarantees.rn
rnBut the Fund was largely unsuccessful, due to a lack of projects to fund at the time, a need for smaller amounts of rupee financing and cumbersome admin procedures.rn
rnApart from not offering equity financing as in Funds in other parts