New Delhi, (UNI) India and the UK on Monday launched UK-India Infrastructure Financing Bridge (UKIIFB) seeking to secure long term investment for vital infrastructure sectors in India.
“The two countries announced the India-UK Infrastructure Finance Bridge, a collaborative initiative to leverage expertise and investment in support of India’s National Infrastructure Pipeline (NIP),” an official statement said.
As per the joint statement by the two countries, the primary objective of the collaboration is aimed at unlocking infrastructure investment and leveraging the City of London’s expertise in structuring and phasing major infrastructure projects.
The UKIIFB initiative is being led jointly by Niti Aayog and the City of London.
“UKFIIB stakeholders will seek to jointly build a diverse investment and financing system that is long term, stable and sustainable with manageable risks,” said the joint statement by Union Finance Minister Nirmala Sitharaman and Jeremy Hunt, Chancellor of Exchequer, the UK.
The 12th Round of Ministerial India-UK Economic and Financial Dialogue was held today in New Delhi. The EFD concluded with adoption of the joint statement by the Union Finance Minister of India and the Chancellor of Exchequer of the United Kingdom.
On the sidelines of the 12th EFD, Ministers also participated in the India-UK Financial Partnership (IUKFP) meeting.
“India and UK reiterated the commitment to deepen their collaboration on Financial Services, building on each other’s strengths and supporting mutual aspirations towards financial inclusion and sustainable development.
There was optimism in terms of the activities being done by India to promote financial services and investment in GIFT IFSC and UK’s commitment to support the same,” the official statement following the meeting said.
