The State Bank of India has approved financing which will help develop Noida Airport working in partnership with both Uttar Pradesh and Indian governments

Yamuna International Airport Pvt Ltd (YIAPL) has finalised agreements to receive funding from the State Bank of India for the development of Noida International Airport (NIA).

This has been marked as an important milestone for the project, as it helps reaffirm its financial viability whilst outlining the next steps for the hub.

“We are extremely delighted to partner with the State Bank of India, the country’s largest bank, for financing the development of the Noida International Airport,” said Christoph Schnellmann, CEO of YIAPL. “The entire loan of INR 3725 crore has been underwritten by SBI on a door-to-door loan tenor of 20 years.

“We look forward to working closely with SBI to develop NIA as a world class airport in India. The project will not only boost the Indian economy but will also help in employment generation in Uttar Pradesh and Delhi NCR region.”

Construction of the new site is taking place in close partnership with the government of Uttar Pradesh and the government of India, hoping to increase aviation and development within the region.

Zurich Airport International – a subsidiary of Flughafen Zurich AG – is the primary shareholder of YIAPL. The company hopes that this investment consolidates its position as a successful operator, whilst promoting infrastructural development and employment in the country.