The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave its ex-post facto approval for a Memorandum of Understanding (MoU) between India and the United Arab Emirates (UAE) signed on February 11, 2016, to mobilise long term investment into the National Investment and Infrastructure Fund (NIIF).
The objective of NIIF is to maximise economic impact mainly through infrastructure development in commercially viable projects, both greenfield and brownfield, including stalled projects, NIIF would solicit equity participation from strategic anchor partners, Telecom Minister Ravi Shankar Prasad told reporters after the Cabinet meeting.
The MoU will help establish a transparent and high-level framework and collaboration platform under which both countries intend to explore ways to facilitate and expand the participation of UAE’s investment institutions in appropriate infrastructure projects and institutions in India including NIIF, in a manner consistent with the established investment criteria and standards in a mutually agreed manner.
A joint working group comprising the concerned representatives of both parties would take forward cooperation under this MOU and to discuss and agree the terms, principles and criteria jointly.
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