Asian development bank (ADB) has said that it will provide loan up to $700 million, around Rs.3,360 crore in a bid to speed up infrastructure projects through public private partnership initiatives.

In a release, ADB said, "The Asian Development Bank (ADB) will provide India up to $700 million in loans to accelerate its roll-out of infrastructure projects through public-private partnership (PPP) initiatives."

The bank's board approved the multi-tranche loan for the second India Infrastructure project financing facility. ADB said that the loan would be released over a span of five years to the publicly held India Infrastructure Finance Company Ltd.

As a part of this funding, ADB has approved a loan worth $200 million for Assam government Power Sector Enhancement Investment programme' in Assam.

Government sources said that the approved amount would be used to partly fund the state's $764 million power sector investment plan by 2014.