IANS | 12 Sep, 2023
India and UK on Monday announced the launch of the Infrastructure
Financing Bridge during 12th Economic and Financial Dialogue (EFD), a
collaborative initiative which signifies the continuing commitment of
both nations to work in close cooperation towards unlocking substantial
infrastructure investment opportunities in India.
A joint
statement issued by Finance Minister Nirmala Sitharaman and UK's
Chancellor of the Exchequer Jeremy Hunt after the EFD, said that the UK
has a lot to offer in the area of financial and project management.
India's
remarkable stature as an investment powerhouse in technology, fintech,
and green transition underscores its pivotal role in driving global
economic growth, it added.
"Against this backdrop, it brings us
great pleasure to announce the formal launch of the UK-India
Infrastructure Financing Bridge (UKIIFB), a collaborative initiative led
jointly by Niti Aayog and the City of London. The primary objective of
this collaboration is aimed at unlocking infrastructure investment and
leveraging the City of London's expertise in
structuring and phasing major infrastructure projects," the statement said.
This
partnership seeks to secure long-term investment for vital
infrastructure sectors in India. UKIIFB Stakeholders will seek to
jointly build a diverse investment and financing system that is
long-term, stable and sustainable with manageable risks, it added.
This
landmark collaboration between Niti Aayog and the City of London is
distinctly committed to sustainable infrastructure development,
prioritising environmentally friendly projects that are aligned with the
core principles of the Sustainable Development Goals. By synergising
the collective strengths of both nations, the UKIIFB is poised to create
a transformative impact, fortifying the foundation for economic
growth, job creation, and shared prosperity in both the United Kingdom
and India, it said.
