Multilateral institution Asian Development Bank (ADB) has announced a 100 million US Dollars funding for the Indian infrastructure sector through the government-promoted National Investment and Infrastructure Fund-NIIF.
The Manila-based body will be investing in NIIF, tranche of funds, which will ensure that the actual money invested will be a few times more than the 100 million dollars. NIIF's Chief Executive Sujoy Bose said that the ADB's commitment to NIIF fund during these extraordinary and challenging times is highly meaningful.
Mr Bose said, ADB has been funding Indian private equity funds for over two decades now and added the latest move will help NIIF commit money to private equity fund managers who may be struggling to raise money from overseas sources. The statement said, it has made commitments to three funds aggregating to over 2,600 crore rupees or 350 million dollars. (AIR)