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The United Kingdom and India have officially launched the United Kingdom-India Infrastructure Financing Bridge (UKIIFB), a new initiative designed to strengthen their financial and professional services collaboration, an official press release by the City of London stated.
This agreement, signed between the City of London Corporation and NITI Aayog, aims to channel sustainable infrastructure investments into India, leveraging the UK’s expertise in managing and structuring large-scale projects.
A key component of the UKIIFB is the newly announced steering committee, which includes representatives from various prestigious organizations such as HM Treasury, Aon, Arup, Mott MacDonald, Clifford Chance, and Sequoia Investment Management Company.
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This committee will oversee the implementation of the initiative, focusing on projects such as national highways, regional rapid transport systems, and renewable energy ventures.
The steering committee will work on several objectives, including accelerating the mobilization of international private-sector investment into Indian infrastructure, providing policy recommendations to address investment barriers, and developing best practices for sustainable infrastructure projects.
Chris Hayward, Policy Chairman of the City of London Corporation, expressed his enthusiasm about the partnership, stating, “I am delighted to sign the UK India Infrastructure Financing Bridge welcoming a new chapter in the extensive business relationship between our two nations. The UK’s expertise in professional services, finance, and scaling major projects makes it a natural partner to meet India’s growing infrastructure needs, showcasing the City of London’s position as a global city.”
BVR Subrahmanyam, CEO of NITI Aayog, highlighted the significance of the UKIIFB, saying, “The UK India Infrastructure Financing 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 spearheaded jointly by NITI Aayog and the City of London.”
“This initiative underscores the commitment of both nations to work together in unlocking major infrastructure investment opportunities in India. This is a game-changer that not only accelerates India’s economic ascent but also strengthens its position on the global stage. It is not limited to connecting the two nations; it connects India to its aspirations of becoming a global powerhouse,” he continued.
Vikram Doraiswamy, the High Commissioner of India to the UK, remarked, “The team at the High Commission are delighted by the establishment of this financing bridge today. Announced as an objective 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, Managing Director for International Development Services at Mott MacDonald, noted, “Investment in climate-resilient infrastructure will play a key role in supporting India’s rapid economic and social development. The United Kingdom-India Infrastructure Financing Bridge (UKIIFB) is an excellent opportunity for investors to collaborate with India’s project shapers to accelerate investable and sustainable infrastructure development.”
Similarly, Sowmya Parthasarathy of Arup added, “Infrastructure is the foundation for India’s economic growth. Today’s announcement of the United Kingdom-India Infrastructure Financing Bridge (UKIIFB) comes at a pivotal moment.”
Mark Courtneidge of Aon UK and Anurag Gupta of Sequoia Investment Management Company also expressed their support, emphasizing the potential for the UKIIFB to facilitate significant infrastructure advancements in India.
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First Published: Sep 05 2024 | 10:31 PM IST