US body to invest 54 million USD in India

New Delhi, Dec 23: An American financial corporation on Tuesday announced that it will invest USD 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, US International Development Finance Corporation (DFC) said.

It said it will invest USD 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 mobilise 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," DFC CEO Adam Boehler said.

"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 fund raising for its Master Fund," NIIF CEO Sujoy Bose said.