AIIB to invest USD 200 million in NIIF

Mumbai (Maharashtra) [India], June 24 (ANI): The Asian Infrastructure Investment Bank (AIIB) will invest USD 200 million in India's National Investment and Infrastructure Fund (NIIF).

The AIIB, in a statement, said the proposal as a "concept" has been approved by the bank and the memorandum of approving the first tranche of USD 100 million is being presented for the Board of Directors' approval at the 3rd annual meeting going to be held on June 25-June 26 in Mumbai.

The meeting will be inaugurated by Prime Minister Narendra Modi.

The two-day event will be held at the Hotel Trident/Oberoi and NCPA. In the past, AIIB annual meetings have been held in Beijing, China, in 2016 and in Jeju, South Korea, in 2017.

The theme for this year's meeting is "Mobilising Finance for Infrastructure: Innovation and Collaboration" that will see leaders from varied organisations and levels of government to share ideas and experiences for creating a sustainable future through sound infrastructure investment.

Industries Department, Government of Maharashtra is the nodal Department, Maharashtra Industrial Development Corporation (MIDC), Government of Maharashtra is the nodal agency, Confederation of Indian Industry (CII) is the Professional Conference Organiser (PCO), Research and Information Systems for Developing Countries (RIS) is the knowledge partner, for the 3rd Annual Meeting of AIIB.

The meeting will witness the presence of top policymakers, ministers from AIIB member countries, participants from partner institutions, the private sector and civil society organisations. Moreover, leading experts from a range of fields will be present to lead discussions and share insights on addressing Asia's infrastructure gap in an environmentally and socially-friendly way.

Piyush Goyal, acting Finance Minister, and Subhash Chandra Garg, Secretary, Department of Economic Affairs, will also be present at the meeting that will focus on the environmental landscape of investing in infrastructure plans in India and also share an overview about the 3rd annual meeting.

This year will also see the launch of the inaugural Asian Infrastructure Forum, which will gather infrastructure practitioners in a practical and project-driven discourse, focused on matching innovative finance to critical infrastructure needs.

During the AIIB meeting, the Centre will hold several host country seminars. These events aim to capture the critical dimensions of infrastructure financing such as the sources and instruments of financing, emerging sectors of infrastructure investments including futuristic, resilient and digital infrastructure, gender infrastructure, new technology choices and alternatives, and panel discussion with Chief Ministers on vision of infrastructure development in India.

The Department of Economic Affairs, Ministry of Finance, Government of India, in partnership with the Federation of Indian Chambers of Commerce & Industry (FICCI), is also organising an exhibition "India Infrastructure Expo 2018" that will run in parallel to the third Annual Meeting of the Asian Infrastructure Investment Bank. The objective of the exhibition is to offer companies from the public and private sector to showcase their latest solutions, technologies and offerings in the realm of infrastructure project development and delivery. (ANI)

This story has not been edited. It has been published as provided by ANI