India and UK on Monday announced the launch of the Infrastructure Financing Bridge during 12th Economic and Financial Dialogue (EFD), a collaborative initiative which signifies the continuing commitment of both nations to work in close cooperation towards unlocking substantial infrastructure investment opportunities in India.
A joint statement issued by Finance Minister Nirmala Sitharaman and UK's Chancellor of the Exchequer Jeremy Hunt after the EFD, said that the UK has a lot to offer in the area of financial and project management.
India's remarkable stature as an investment powerhouse in technology, fintech, and green transition underscores its pivotal role in driving global economic growth, it added.
"Against this backdrop, it brings us great pleasure to announce the formal launch of the UK-India Infrastructure Financing Bridge (UKIIFB), a collaborative initiative led jointly by Niti Aayog and the City of London. The primary objective of this collaboration is aimed at unlocking infrastructure investment and leveraging the City of London's expertise in
structuring and phasing major infrastructure projects," the statement said.
This partnership seeks to secure long-term investment for vital infrastructure sectors in India. UKIIFB Stakeholders will seek to jointly build a diverse investment and financing system that is long-term, stable and sustainable with manageable risks, it added.
This landmark collaboration between Niti Aayog and the City of London is distinctly committed to sustainable infrastructure development, prioritising environmentally friendly projects that are aligned with the core principles of the Sustainable Development Goals. By synergising the collective strengths of both nations, the UKIIFB is poised to create a transformative impact, fortifying the foundation for economic growth, job creation, and shared prosperity in both the United Kingdom and India, it said.