Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » Business
1-min read

Asian Infrastructure Investment Bank to Invest USD 200 Million in India's First Sovereign Wealth Fund NIIF

Beijing-based AIIB, which started functioning in 2016, has committed over USD 1 billion in five infrastructure projects in India and proposes to take 12 more projects envisaging assistance of USD 3.5 billion.

PTI

Updated:February 27, 2018, 4:27 PM IST
facebookTwitter Pocket whatsapp
Asian Infrastructure Investment Bank to Invest USD 200 Million in India's First Sovereign Wealth Fund NIIF
File photo: Asian Infrastructure Investment Bank (AIIB) President Jin Liqun attends a news conference at the AIIB headquarters in Beijing. (Image: Reuters)

New Delhi: Asian Infrastructure Investment Bank (AIIB) will invest around USD 200 million in India's first sovereign wealth fund NIIF, said AIIB president Jin Liqun in New Delhi on Tuesday.

Beijing-based AIIB, which started functioning in 2016, has committed over USD 1 billion in five infrastructure projects in India and proposes to take 12 more projects envisaging assistance of USD 3.5 billion.

Talking to PTI, Jin said the bank would focus on funding infrastructure projects in road, energy and transport sector.

"We are working on some other projects also. For instance, the Indian government attaches importance to NIIF, the initial fund might be USD 1 billion, we may be chipping in USD 200 million," he said.

The projects being currently funded by AIIB in India include Bangalore Metro Rail Project, Transmission System Strenghning Project, Gujarat Rural Road Project and Power Project in Andhra Pradesh.

Jin is in India for the third Annual General Meeting of the AIIB to be held in Mumbai on June 25-26.

The AIIB chief yesterday called on Prime Minister Narendra Modi, who asked the AIIB to showcase and demonstrate successful projects.

"We had very good meeting with the prime minister. We discussed the broad issues of cooperation between AIIB and India. And I told the prime minister I am very much pleased to see, India as the second largest shareholder of AIIB. India is playing a very important role in the running the bank," he said.

The AIIB, he said will continue to support India's infrastructure sector, especially help in reducing the traffic congestion and increase rural connectivity.

As of December 31, 2017, AIIB's board has approved 24 projects with a total amount of USD 4.23 billion in 14 member countries, including up to USD 1.07 billion in funding of five projects in India.

The government had set up the Rs 40,000-crore National Investment and Infrastructure Fund (NIIF) in December 2016 as an investment vehicle for funding commercially viable greenfield, brownfield and stalled projects.

It was envisioned as a mother fund with several sectoral feeder funds.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
SBI 321.90 5.20
Bharti Airtel 393.05 8.43
ICICI Bank 499.85 0.24
Reliance 1,470.85 0.55
Yes Bank 68.70 -0.07
Company Price Change %Gain
Cipla 463.10 2.57
SBI 322.00 5.19
Bharti Airtel 393.20 8.42
Eris Life 410.15 -0.19
Yes Bank 68.70 -0.07
Top Gainers
Company Price Change %Gain
Bharti Infratel 227.15 8.87
Bharti Airtel 393.05 8.43
SBI 321.90 5.20
Grasim 755.15 2.89
Cipla 463.25 2.63
Company Price Change %Gain
Bharti Airtel 393.20 8.42
SBI 322.00 5.19
Kotak Mahindra 1,623.00 1.60
Sun Pharma 414.90 1.18
Tata Motors 168.60 0.96
Top Losers
Company Price Change %Gain
IOC 131.70 -3.76
Hero Motocorp 2,543.20 -1.87
BPCL 506.55 -1.57
Maruti Suzuki 7,147.20 -1.38
Vedanta 142.10 -1.32
Company Price Change %Gain
Hero Motocorp 2,542.85 -1.85
Maruti Suzuki 7,147.00 -1.38
ITC 250.65 -1.30
Vedanta 142.10 -1.29
NTPC 117.20 -1.14

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results