UK-India sign new infrastructure financing bridge agreement in London

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UK-India sign new infrastructure financing bridge agreement in London - Business Standard

Quick Summary:

The UK-India Infrastructure Financing Bridge (UKIIFB), agreed during the UK Economic and Financial Dialogue (EFD) in September last year, has now been operationalised for an initial two-year period between the City of London Corporation and the National Institution for Transforming India (NITI Aayog).

A first-of-its-kind India-UK financing agreement to facilitate and unlock sustainable international investments into New Delhi's ambitious infrastructure projects was signed off in London on Wednesday, with a raft of national highways, rapid transport and renewable energy schemes set to benefit.

A Steering Committee made up of representatives from the government's Treasury department, construction giants, engineering and legal firms operating across both countries has also been unveiled to drive forward the aims of getting mega infrastructure projects bid-ready.