28 June 2016 Current Affairs GK: The Union Government has appointed Sujoy Bose as the first Chief Executive Officer (CEO) of National Investment and Infrastructure Fund (NIIF). His selection for the CEO of NIIF was recommended by a search-cum-selection committee under the chairmanship of Economic Affairs Secretary Shaktikanta Das.
Sujoy Bose : Prior to this appointment, he was the Director and Global Co-Head of Infrastructure and Natural Resources at International Finance Corporation (IFC), the private sector lending arm of the World Bank. He has rich experience at international level in the infrastructure sector, including experience in raising funds from international investors. He had worked at IFC for over 23 years where he had served as chief investment officer (CIO) and head of IFC African Latin American and Caribbean Fund at IFC Asset Management Company.
National Investment and Infrastructure Fund (NIIF) : NIIF is India’s quasi sovereign wealth fund (SWF) formed to attract investment from both domestic and international sources for infrastructure development in the counry. It has been incorporated as a company under the Companies Act, 2013 and has been duly authorized to act as investment manager of the fund.
The objective of NIIF is to maximize economic growth of the country mainly through infrastructure development in commercially viable projects (both greenfield and brownfield), including stalled projects. For the investment purpose, NIIF will solicit equity participation from strategic anchor partners. An initial budgetary allocation of 4000 crore rupees has also been made in 2016-17 Union Budget. However, Government will make further allocation when necessary.
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