24 March 2016 Current Affairs GK: The Union Cabinet has given its approval for a MoU between India and United Arab Emirates (UAE) to mobilise long-term investment in National Investment and Infrastructure Fund (NIIF). Decision in this regard was taken by Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi.The MoU will help establish a transparent and high-level framework and collaboration platform for both countries. Under this platform both countries will explore ways to facilitate and expand the participation of UAE’s investment institutions in appropriate infrastructure projects and institutions in India including NIIF. Under this MOU, a joint working group comprising of the concerned representatives of both parties would be established to take forward cooperation and to discuss and agree the terms, principles and criteria jointly.In August 2015, during Prime Minister Narendra Modi’s visit to UAE both countries had agreed to establishment of UAE-India Infrastructure Investment Fund. The aim of the fund was to reach a target of 75 billion dollars to support investment in India’s plans for rapid expansion of next generation infrastructure.The National Investment and Infrastructure Fund (NIIF) has been established by Union Government as a Category II Alternate Investment Funds (AIF) as per the regulations of the Securities and Exchange Board of India (SEBI). 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.
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