FM Nirmala Sitharaman chairs meet of NIIF to woo investment

Tribune News Service

New Delhi, November 17

Union Finance Minister Nirmala Sitharaman today chaired the 5th meeting of the Governing Council (GC) of National Investment and Infrastructure Fund (NIIF), which touched upon attracting funds from Japan.

NIIF’s first bilateral fund — an “India Japan Fund” with contribution from the Central Government — has been proposed through an MoU between National Investment and Infrastructure Fund Ltd (NIIFL) and Japan Bank for International Development (JBIC). “This key update regarding bilateral engagements of NIIF was endorsed by the GC,” stated an official statement.

Bilateral fund

• NIIF’s first bilateral fund — an “India Japan Fund” with contribution from the Central Government — has been proposed through an MoU between National Investment and Infrastructure Fund Ltd and Japan Bank for International Development

The GC appreciated that the two infrastructure non-banking financial companies (NBFCs), where NIIF has majority stakes, have increased their combined loan book from Rs 4,200 crore to Rs 26,000 crore in three years without experiencing any non-performing loans (NPLs) so far.

The GC noted that NIIF has developed into an internationally credible and commercially viable investment platform, backed by several highly respected global and domestic investors who have invested alongside the Government of India in NIIF Funds.

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