Asian Development Bank To Invest $100 Million In India’s Infrastructure Sector Via NIIF
Asian Development Bank will invest $100 million in India's infrastructure sector via the government-promoted National Investment and Infrastructure Fund, the multilateral institution said today.
The Manila-based body will be investing in NIIF's fund of funds which will ensure that the actual money invested will be a few times more than the $100 million.
The investment announcement comes at a critical time for India, whose already sagging economic growth is set to take a beating due to the coronavirus pandemic.
The total size of NIIF's fund of funds has now grown to $700 million, an official statement said, adding that the Asian Infrastructure Investment Bank has also committed money to the corpus. So far, it has made commitments to three funds aggregating to over Rs 2,600 crore, or $350 million, the statement said.
These three funds are engaged in investments in diverse areas including green energy and climate; middle-income and affordable housing, and entrepreneur-driven mid-market growth companies operating across diversified sectors, it said.
The NIIF said its ability to crowd-in investments has also been established as these three funds have raised $1.1 billion from other sources.