An American financial corporation has announced to invest $54 million in India to support the development of critical infrastructure projects in the country in the wake of the COVID-19 pandemic.
India is one of the fastest-growing countries in the previous three decades, but it suffers from a significant infrastructure deficit, holding back further growth for the country especially in the wake of COVID-19, the US International Development Finance Corporation (DFC) said on Tuesday.
The DFC said it will invest $54 million in equity for the National Investment and Infrastructure Fund (NIIF) in India to support the development of critical infrastructure projects. The financing is part of NIIF’s final round of fund-raising for the fund. NIIF will work to mobilize capital to support economic growth and address critical development challenges in the country, according to a statement.
“DFC’s investment will support the growth and development of a key partner in the Indo-Pacific and allow DFC to facilitate investment in strategic infrastructure projects throughout India, said DFC CEO, Adam Boehler. DFC brings its commitment to high standards in all of our projects, and we are excited to establish this partnership with NIIF. We are pleased to announce that NIIF has completed fundraising for its Master Fund, said NIIF CEO, Sujoy Bose.
DFC said its investment will help NIIF invest in infrastructure projects that are important for the long-term sustainable growth of the Indian economy, supporting the development and the US foreign policy.