India and the United Kingdom have announced a joint fund namely a Green Growth Equity Fund aimed at leveraging private sector investment from London to invest in green infrastructure projects in New Delhi.
Both sides have reaffirmed their commitment to invest up to £120 million each (i.e. totally £ 240 million) in the Joint Fund, which will be established under the NIIF framework.
To begin with, the fund aims to raise around £500 million, with the potential to unlock much more in future.
The announcement was made at the bilateral meeting between Finance Minister Arun Jaitley and British MP and Chancellor of the Exchequer in New Delhi yesterday.
The two ministers announced that initial investments will focus on India's rapidly growing green energy and renewable market and that a fund manager is expected to be selected in the next few months.
Progress will be accelerated through early market engagement via the publication of a blueprint, with the aim to identify additional and complementary sectors for fund investments.
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