India and the United Kingdom have come forward to set up a 240 million pound fund to finance clean energy projects in India.
It is learnt that the Green Growth Equity Fund will be a sub-fund of NIIF.
Union Finance Minister Arun Jaitley said, “We have established the NIIF. Our first major step in the fund has been taken and there is going to be a sub-fund. With the NIIF participating in it, this is going to be a Green Growth Equity Fund where both are going to make a contribution of 120 million pounds and this will be financing the energy needs in India.”
Speaking to reporters, the minister further said, “this is going to be the first a major beginning as far as the fund is concerned.”
India had in 2015 set up the Rs 40,000 crore National Infrastructure and Investment Fund (NIIF) to finance greenfield as well as brownfield projects.
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