India and the UK announce joint UK-India Fund, Green Growth Equity Fund
Named the Green Growth Equity Fund, it aims to leverage private sector investment from the City of London to invest in green infrastructure projects in India.
India and UK governments reaffirmed their commitment to anchor invest up to £120 million each (i.e. totally £ 240 million) in the joint fund, which will be established under the NIIF framework.
To begin with, the Ministry said, the fund aims to raise around £500 million, with the potential to unlock much more in future.
TThe announcement was made at a bilateral meeting between India's Minister of Finance, Defence and Corporate Affairs, Arun Jaitley, and UK's Chancellor of the Exchequer and MP, Philip Hammond, in New Delhi, on Tuesday.
Both Finance Ministers announced that initial investments will focus on India’s rapidly growing green energy and renewable market and that a Fund Manager is expected to be selected in the next few months.
Progress will be accelerated through early market engagement via the publication of a blueprint, with the aim to identify additional and complementary sectors for fund investments, the Ministry said in its release.
Image: PIB
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