01:47:00
The
Union Cabinet chaired by the Prime Minister Shri Narendra Modi gave its ex-post
facto approval for a Memorandum of Understanding (MoU) between India and the
United Arab Emirates (UAE) signed on 11th February, 2016 to
mobilise long term investment into the National Investment and Infrastructure
Fund (NIIF).
Objective of NIIF
The objective of NIIF is
to maximize economic impact mainly through infrastructure development in
commercially viable projects, both greenfield and brownfield, including stalled
projects, NIIF would solicit equity participation from strategic anchor partners.
The MoU will help
establish a transparent and high-level framework and collaboration platform
under which both countries intend to explore ways to facilitate and expand the
participation of UAE's investment institutions in appropriate infrastructure projects
and institutions in India including NIIF, in a manner consistent with the
established investment criteria and standards in a mutually agreed manner.
A joint working group
comprising of the concerned representatives of both parties would take forward
cooperation under this MOU and to discuss and agree the terms, principles and
criteria jointly.
Background:
The Cabinet approved the
creation of the National Investment and Infrastructure Fund (NIIF) in July,
2015. The NIIF has already been established as a Category II Alternate
Investment Funds (AIF) as per the regulations of the Securities and Exchange
Board of India (SEBI).
The Joint Statement with UAE (India-UAE) during the visit of Prime
Minister of India to UAE on 16-17 August 2015, mentions the establishment of
UAE-India Infrastructure Investment Fund, with the aim of reaching a target of
USD 75 billion to support investment in India's plans for rapid expansion of
next generation infrastructure, especially in railways, ports, roads, airports
and industrial corridors and parks.
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