Economy

India-UAE agreement for $75 billion investment in NIIF gets clearance

The Union Cabinet gave its ex-post facto approval for a Memorandum of Understanding (MoU) between India and the United Arab Emirates (UAE) to mobilise up to $75 billion long-term investment in the National Investment and Infrastructure Fund (NIIF).

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, Union Minister Ravi Shankar Prasad told reporters.

The MoU was signed in February during Prime Minister Narendra Modi’s visit to UAE.

“The joint statement during the visit of Prime Minister to the UAE in August 2015, mentioned the establishment of UAE-India Infrastructure Investment Fund, with the aim of reaching a target of USD 75 billion to support investment in India's plans for rapid expansion of next generation infrastructure, especially in railways, ports, roads, airports and industrial corridors and parks,” according to a government statement.

A joint working group comprising of the concerned representatives of both parties would take forward cooperation under this MoU and to discuss and agree the terms, principles and criteria jointly, Mr Prasad said.

Meanwhile, the Cabinet also gave its approval for the procurement of launch services and realisation of ground segment for GSAT-11 spacecraft at a cost of Rs.1,117 crore.

GSAT-11 is a communication satellite with 32 high-power spot beams for providing high bandwidth VSAT communication is currently under development at DOS/ISRO facilities. It will be ready for launch by the end of 2016.

“Considering the 5,600 Kg lift-off mass, the satellite will be launched using procured launch vehicle outside the country.

“The ground segment is being realized to address the rural communication requirements,” according to a government statement.

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Printable version | Feb 18, 2020 8:53:26 PM | https://www.thehindu.com/business/Economy/India-UAE-agreement-for-75-billion-investment-in-NIIF-gets-clearance/article14171376.ece

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