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Asian Infrastructure Investment Bank for an initial investment of $100 m into an NIIF fund of funds
The Asian Infrastructure Investment Bank (AIIB) board today cleared a $200-million investment into the National Infrastructure Investment Fund (NIIF) that will help funnel up to $2.4 billion into the infra sector later. The proposed fund will come in two tranches of $100 million each and will go into a fund of funds to be floated by the NIIF, top Finance Ministry officials said here today.
Mumbai: The Asian Infrastructure Investment Bank (AIIB) board today cleared a $200-million investment into the National Infrastructure Investment Fund (NIIF) that will help funnel up to $2.4 billion into the infra sector later. The proposed fund will come in two tranches of $100 million each and will go into a fund of funds to be floated by the NIIF, top Finance Ministry officials said here today.
"The AIIB board has approved an investment in the NIIF, and the first tranche of $100 million has got approved on Sunday, which would be followed by a similar tranche on call," interim Finance Minister Piyush Goyal said here.
India for the first time is hosting a two-day annual meet of AIIB's board of governors here from tomorrow. Economic affairs secretary SC Garg said there can be a leverage of 10-12 times on the money to be invested by the AIIB, which means nearly $2.4 billion of investments can take place in the sector.
He said the money will come into the fund of funds like the green growth equity fund backed by the British government and will act as a platform to invest into other funds that will invest in infra projects. AIIB vice-president Danny Alexander said the multilateral bank is also interested in the fund of funds as it will lead to higher inflows into the infra sector.
