India’s National Investment and Infrastructure Fund (NIIF) has appointed Sujoy Bose as chief executive officer (CEO).
Bose is currently the director and global co-head of Infrastructure and natural resources at the International Finance Corporation (IFC), the private lending arm of the World Bank. He has extensive international experience in the infrastructure sector including experience in raising funds from international investors.
“NIIF initiatives will now be taken forward by the CEO and made more operational. An initial budgetary allocation of Rs4,000 crore ($589 million) has also been made in the budget 2016-17. Further allocations will be made as and when necessary,” the Ministry of Finance said in a statement.
The initial activities of the NIIF are underway with investors including RUSNANO, Abu Dhabi Investment Authority (ADIA) and Qatar Investment Authority (QIA).
NIIF has an authorised corpus of Rs20,000 crore with capital expected to be raised from time to time. It provides equity/quasi-equity and debt to finance infrastructure projects. The government’s contribution/share in the entity will be 49 percent.
NIIF was ultimately established to attract investment from both domestic and international sources for infrastructure development in commercially viable projects.