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India’s first Low Income State Infrastructure Equity Partnership (the Neev Fund) was launched on Friday by Prime Minister Narendra Modi in UK in the presence of David Cameron, Prime Minister, United Kingdom.
The Fund has co-investment from the UK Department of International Development and the State Bank of India.
In a joint statement, the two Prime Ministers recognised the importance of infrastructure for sustainable development.
The Fund aims to provide equity partnerships for small infrastructure development in sectors like water & sanitation, clean energy and urban infrastructure. It will seek to demonstrate sustainable and inclusive development through small infrastructure projects within target sectors.
Arundhati Bhattacharya, Chairman, SBI said “...the Fund will invest in small infrastructure projects in eight low income states of the country. This fund will help small projects raise capital and in the long term it will give an impetus to the growth of the nation.”
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