Commenting on the transaction, Vinay Sekar, CEO of Cube InvIT, said, “We are grateful for the support and confidence shown by IFC. This collaboration further reinforces Cube's dedication to upholding exemplary standards of governance and sustainability practices. Cube Highways Trust remains committed to operating and maintaining high-quality infrastructure assets and generating long-term value for all our stakeholders.”
Pankaj Vasani, Group CFO of Cube InvIT, said, “With a total tenure of 12 years, and a robust structure, the long-term financing provided by IFC conforms harmoniously to Cube's overarching strategic objective of fostering a resilient balance sheet, and further bolstering its financial stability and viability in the market.”
Wendy Werner, India Country Head at IFC, said, “IFC’s investment in Cube Highways Trust underscores our joint commitment to strengthening the roads sector by demonstrating the crucial role of innovative market financing for sustainable infrastructure development. Our support will help catalyze investment from other international and domestic lenders to enhance critical transport infrastructure, connectivity, and logistics. Building on a decade-long partnership with Cube Highways as a founding member, we aim to improve the quality of roads for millions across India while contributing to the country’s inclusive economic growth.”
About Cube Highways Trust
Cube Highways Trust (“Cube InvIT”) is an irrevocable Trust set up under the Indian Trusts Act, 1882 and registered with the Securities Exchange Board of India (SEBI) as an Infrastructure Investment Trust. It is backed by a diversified investor base, including I Squared Capital, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, Abu Dhabi’s sovereign investor Mubadala Investment Company, and Japan Highways International BV. Cube Highways Trust is engaged in implementing the public-private partnership (“PPP”) model in the country’s highways sector to operate and manage highway projects in association with the central and state governments. For more information, please visit: www.cubehighwaystrust.com
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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