US financial body to invest $54 mn in India

Washington, December 23

An American financial corporation has announced to invest $54 million in India to support the development of critical infrastructure projects in the country in the wake of the pandemic.

India is one of the fastest growing countries in the previous three decades, but it suffers from a significant infrastructure deficit, holding back further growth for the country especially in the wake of COVID-19, the US International Development Finance Corporation (DFC) said on Tuesday.

The DFC said it will invest USD 54 million in equity for the National Investment and Infrastructure Fund (NIIF) in India to support the development of critical infrastructure projects. The financing is part of NIIF’s final round of fund-raising for the fund.

“DFC’s investment will support the growth and development of a key partner in the Indo-Pacific and allow DFC to facilitate investment in strategic infrastructure projects throughout India,” said DFC CEO Adam Boehler. — PTI