New Delhi [India], October 4 (ANI): In a move towards fostering economic cooperation and advancing environmental sustainability, the National Investment and Infrastructure Fund (NIIF) has announced the launch of the India-Japan Fund (IJF).
This USD 600 million fund, established in collaboration with the Japan Bank for International Cooperation (JBIC), signifies a major milestone in the strategic and economic partnership between the Governments of India and Japan, read the Ministry of Finance press release.
"The announcement marks NIIF's first bilateral fund, with the GoI contributing 49 per cent of the target corpus and the remaining 51 per cent contributed by JBIC. The Fund will be managed by NIIF Limited (NIIFL) and JBIC IG (a subsidiary of JBIC) will support NIIFL in promoting Japanese investments in India", said the Ministry of FinanceThe India-Japan Fund (IJF) has garnered substantial support, with the Government of India (GoI) and JBIC acting as anchor investors.
Under this collaborative initiative, GoI will contribute 49 per cent of the target corpus, while JBIC will provide the remaining 51 per cent.
NIIF Limited (NIIFL) will manage the fund, further solidifying its role as a key player in India's infrastructure development, read the press release.
The primary focus of the India-Japan Fund is to channel investments into environmental sustainability and low-carbon emission strategies, aligning with the growing global concern for climate and environmental conservation.
The fund aims to become a preferred partner for facilitating Japanese investments in India, thus contributing significantly to both nations' economic growth, read the press release.
This launch of the India-Japan Fund represents NIIF's first bilateral fund, demonstrating the organization's commitment to fostering international partnerships to drive India's infrastructure development and address pressing environmental challenges.
JBIC IG, a subsidiary of JBIC, will collaborate closely with NIIFL to facilitate Japanese investments in India, bolstering economic ties between the two countries, read the press release.
The establishment of the India-Japan Fund is a testament to the shared commitment of the Governments of Japan and India to address climate change and enhance sustainable development, read the release.
This joint initiative reflects the significance of international collaboration in combating climate-related issues while driving economic growth.
As the fund begins its operations, it holds the potential to contribute significantly to environmental sustainability efforts in India and attract Japanese investments, further solidifying the strategic partnership between India and Japan. (ANI)