IRFC raises JPY-equivalent USD 400 Million ECB, marks second ECB in FY 2025-26

Indian Railway Finance Corporation (IRFC) has signed a loan agreement with the consortium of Sumitomo Mitsui Banking Corporation GIFT City Branch and MUFG Bank Ltd Gift Branch in New Delhi for raising External Commercial Borrowing loan of JPY equivalent USD 400 million. This is the second ECB being raised by IRFC during this FY after it successfully raised JPY equivalent USD 300 million in December 2025. The loan agreement was signed today between Mr. Nav Goel, General Manager (Finance), IRFC and Mr. Manoj Kaushik, Executive Director, SMBC & Ms. Parul Shah, Head IBU, MUFG. The ECB, being raised for JPY equivalent USD 400 million has been tied up for a 5-year tenor and benchmarked to Overnight TONAR (Tokyo Overnight Average Rate). The proceeds from this facility shall be utilised towards financing projects having forward or backward linkage with the railway sector or any other project as may be approved by the Company in compliance with the ECB Guidelines.