- India’s NIIF and Japan’s JBIC partner to fund sustainable projects.
- JBIC contributes 51% of the fund, emphasising strengthened collaboration amid global uncertainties.
In a significant move toward fostering sustainability projects, India’s National Investment and Infrastructure Fund (NIIF) has partnered with the Japan Bank for International Cooperation (JBIC) to establish a $600 million fund. This fund aims to drive investments in sustainability projects, focusing on critical areas like renewable energy, e-mobility, and waste management.
The partnership sees JBIC contributing a substantial 51 per cent of the total fund, with India taking responsibility for the remaining portion. This collaboration underscores the commitment of both nations to address environmental challenges and strengthen their ties amid a rapidly changing global landscape.
The NIIF, initiated in 2015 as India’s inaugural state-backed fund, has played a pivotal role in promoting infrastructure development and investment opportunities in the country. Now, it is leveraging its expertise to lead the charge in sustainable projects, with support from JBIC.
Hayashi Nobumitsu, the governor of the Japan Bank, emphasised the fund’s potential to enhance cooperation between Indian and Japanese companies. Given the uncertainties in the global supply chain and the need for diversified production bases, he noted that this partnership comes at a crucial juncture. He stressed that Japanese companies increasingly consider India a primary destination for production relocation and investment.
These joint efforts signal a commitment to environmental sustainability and to strengthen economic ties between India and Japan. It reflects their shared vision of addressing the challenges of an ever-changing world while committed to sustainable development.