POOLED MUNICIPAL DEBT OBLIGATION FACILITY (PMDOF) PMDOF - Background

In line with the Government of India objective of attracting commercial debt into urban infrastructure projects, both to urban local bodies directly and to the special purpose vehicles (SPVs) promoted under PPP arrangements, IL&FS along with other sponsors viz IDBI, IIFC, Canara Bank and other lenders have pooled together a line of credit facility for a maximum sum of Rs.2750 Crores by entering into a Memorandum of Agreement (MoA) on 13th October 2006, which was subsequently increased to Rs. 5,000 Crores. The initiative was formally launched as "Pooled Municipal Debt Obligation (PMDO) Facility". The other signatories to this MoA are the Asset Manager viz., IL&FS Urban Infrastructure Managers Limited (IUIML) and the IL&FS Trustee Company Limited (ITCL) in the capacity of Trustees to the Facility.

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