NaBFID to be repositioned as a global financial institution

MUMBAI: NaBFID, or the National Bank for Financing Infrastructure and Development, will soon be renamed as Infrastructure Development Bank (IDB), said senior officials from the finance ministry. The move aims to position NaBFID as an international financial institution along the lines of the Asian Development Bank and the International Finance Corporation.

Along with the name change, NaBFID will also launch a new logo.

NaBFID was established following an announcement in the 2021 Union Budget to finance long-term infrastructure projects.

"The company was formed in a hurry with the idea of starting operations quickly, while branding the institution was not an immediate priority," said one of the persons cited above. "However, over the last few months, the government is keen to rename it to reflect the work undertaken by them," the person added. NaBFID was established under the National Bank for Financing Infrastructure and Development Act, 2021, and is 100% owned by the government.