India-UK relations | Representative photo: Shutterstock
The UK and India have officially launched the UK-India Infrastructure Finance Bridge (UKIIFB), a new initiative designed to strengthen their collaboration in financial and professional services, according to an official press release from the City of London.
This agreement, signed between the City of London Corporation and NITI Aayog, aims to channel investments in sustainable infrastructure towards India, taking advantage of the United Kingdom’s experience in managing and structuring large-scale projects.
A key component of the UKIIFB is the recently announced steering committee, which includes representatives from a number of prestigious organisations including HM Treasury, Aon, Arup, Mott MacDonald, Clifford Chance and Sequoia Investment Management Company.
This committee will oversee the implementation of the initiative, focusing on projects such as national highways, regional rapid transit systems and renewable energy ventures.
The steering committee will work on several objectives, including accelerating the mobilization of international private investment in Indian infrastructure, providing policy recommendations to address barriers to investment, and developing best practices for sustainable infrastructure projects.
Chris Hayward, Policy Chairman at the City of London Corporation, expressed his enthusiasm for the partnership, saying: “I am delighted to sign the UK-India Infrastructure Finance Bridge, welcoming a new chapter in the long-standing trading relationship between our two nations. The UK’s expertise in professional services, finance and major project scaling makes it a natural partner to meet India’s growing infrastructure needs, demonstrating the City of London’s position as a global city.”
Highlighting the importance of UKIIFB, BVR Subrahmanyam, CEO, NITI Aayog, said, “The UK-India Infrastructure Finance Bridge (UKIIFB), jointly announced by the Hon’ble Finance Minister of India and the Chancellor of the Exchequer of the UK, represents a significant collaborative effort jointly spearheaded by NITI Aayog and the City of London.”
“This initiative underlines the commitment of both nations to work together to tap into significant infrastructure investment opportunities in India. It is a step change that not only accelerates India’s economic rise but also strengthens its position on the global stage. It does not merely connect the two nations; it connects India to its aspirations of becoming a global power,” he continued.
Vikram Doraiswamy, High Commissioner of India to the UK, commented: “The High Commission team is delighted with the establishment of this financial bridge today. Announced as a goal at the last India-UK Economic and Financial Dialogue in September 2023, this structure is the culmination of over a year of shared effort. The UKIIFB is a striking testament to the complementarity of our bilateral economic relationship.”
Industry experts also weighed in on the partnership. Simon Harris, CEO of Mott MacDonald’s International Development Services, said: “Investment in climate-resilient infrastructure will play a key role in India’s rapid economic and social development. The UK-India Infrastructure Finance Bridge (UKIIFB) is an exciting opportunity for investors to collaborate with Indian project developers to accelerate the development of sustainable and investment-enabling infrastructure.”
Similarly, Arup’s Sowmya Parthasarathy added: “Infrastructure is the foundation of India’s economic growth. Today’s announcement of the UK-India Infrastructure Finance Bridge (UKIIFB) comes at a crucial time.”
Mark Courtneidge of Aon UK and Anurag Gupta of Sequoia Investment Management Company also expressed their support, emphasising the potential of the UKIIFB to facilitate significant infrastructure developments in India.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 5, 2024 | 10:31 PM IS
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