Kerala Infrastructure and Investment Fund Board

The Kerala Infrastructure and Investment Fund Board (KIIFB) is a state-owned financial institution and the principal funding arm of the Government of Kerala. Established in 1999 under the KIIF Act, it was restructured in 2016 into a more dynamic entity to mobilize funds for critical and large-scale infrastructure projects that fall outside the state's standard budget. KIIFB's mission is to fast-track the development of physical and social infrastructure by raising funds from various sources, including term loans from banks, financial institutions, and issuing bonds, such as its notable Masala Bonds listed on the London Stock Exchange. Its funding is supported by a ring-fenced mechanism of receiving a share of the state's Petroleum Cess and Motor Vehicle Tax.