Country’s largest lender State Bank of India (SBI) has sanctioned a loan of ₹3725 crore for the development of Noida International Airport (NIA) which is being developed by Yamuna International Airport (YIAPL) and will be the second airport in National Capital Region (NCR).
A statement issued by YIAPL said that the funding is a crucial milestone for the project as it validates the financial viability of the project while also outlining the next steps for the establishment of NIA.
“The entire loan of ₹3725 crore has been underwritten by SBI on a door-to-door loan tenor of 20 years,” Christoph Schnellmann, Chief Executive Officer of YIAPL said. Further he mentioned that the project will not only boost the Indian economy but will also help in employment generation in Uttar Pradesh and Delhi NCR region.
The airport is being developed in close partnership with the government of Uttar Pradesh and the Central government. The State government’s continued support towards the project has been vital in the process so far. YIAPL now looks forward to the conclusion of the UP government’s resettlement and rehabilitation process and the start of the construction of the airport, the statement mentioned.
Zurich Airport International AG (ZAIA), a fully owned subsidiary of Flughafen Zurich AG, is the main shareholder of YIAPL and is injecting ₹2005 crore into the development of NIA.