NIIF, JBIC sign an MoU to enhance Japanese investments in India

Rs 56.6 lakh in cash has been recovered from the accused. (Representative image)

National Investment and Infrastructure Fund (NIIF) on Thursday announced the signing of a memorandum of understanding with Japan Bank for International Cooperation (JBIC) to enhance Japanese investments in India.

The memorandum of understanding (MOU) outlines a partnership framework between NIIF and JBIC, which is considering the establishment of a bilateral India-Japan Fund (IJF).

JBIC and the central government will invest in the India-Japan Fund, which will make equity investments in environmental preservation and low carbon emission strategies, NIIF said in a statement.

IJF will also enhance cooperation between the two countries by investing in strategic partnerships between Japanese and Indian companies and promoting business collaboration across multiple sectors in India, it added.

In addition, it said, JBIC will consider providing debt financing under their 'Global action for Reconciling Economic growth and ENvironmental preservation' (GREEN) initiative to investee companies of funds managed by NIIF.

The Rs 40,000-crore NIIF, a quasi-sovereign wealth fund, was set up in December 2015 as an institution for enhancing infrastructure financing by investing in greenfield (new), brownfield (existing) and stalled projects.