Explanation:

Only statements 1&3 are correct.

• The IIPDF (India Infrastructure Project Development Fund) was created in the Department of Economic Affairs (DEA), Ministry of Finance with an initial corpus of Rs. 100 crore for supporting the development of PPP projects that can be offered to the private sector.

• DEA has restructured the existing fund IIPDF as a Central Sector Scheme with total outlay of Rs.150 Crore for a period of 3 years from 2022-23 to 2024-25. 

• It is available to the Sponsoring Authorities for PPP projects for meeting the project development costs.

Financial Outlay

• The IIPDF will contribute upto 75% of the project development expenses to the Sponsoring Authority as an interest free loan. The balance of 25% will be co-funded by the Sponsoring Authority. 

• On successful completion of the bidding process, the project development expenditure would be recovered from the successful bidder.

• However, in the case of failure of the bid, the loan would be converted into grant.

• In case the Sponsoring Authority does not conclude the bidding process for some reason, the entire amount contributed would be refunded to the IIPDF.

Approval Committee (AC)

The IIPDF scheme shall be administered by the AC. The composition of the AC is as under:

• Joint secretory, DEA- Chairperson. 

• Representative of NITI Aayog

• Deputy Secretory/Private Investment Unit, DEA- Member Secretary.

Hence option 3rd is correct.