NEW DELHI: Loan book of the National Investment and Infrastructure Fund (NIIF) has increased from Rs 4,200 crore to Rs 26,000 crore in three years, a finance ministry statement said on Thursday. NIIF is a government-backed alternative fund platform that brings together Indian and international funds to invest in infrastructure projects in India.
“NIIF has developed into an internationally credible and commercially viable investment platform, backed by several highly respected global and domestic investors who have invested alongside the Government of India in NIIF Funds,” said the ministry.
During the fifth meeting of the Governing Council of NIIF, Finance Minister Nirmala Sitharaman asked the team to build on the work done so far and leverage India’s attractive investment fundamentals to expand its operations.
Sitharaman urged the team to continue discussions with investors from countries that are keen to invest in the country. The finance minister also exhorted the NIIF team to explore opportunities under the National Infrastructure Pipeline, PM GatiShakti and National Infrastructure Corridor, which include a big pool of investible greenfield and brownfield investment projects, and to try and crowd in commercial capital into those opportunities.
According to the statement, NIIF’s first bilateral fund - an “India Japan Fund” with a contribution from the Centre has been proposed through a pact between NIIF and Japan Bank for International Development (JBIC). The MoU was signed recently on November 9, 2022. This key update regarding bilateral engagements of NIIF was endorsed by the Governing Council of NIIF.