Published: 01:26 PM, 04 October 2023
India, Japan launch $600 million fund for low carbon emission projects
Workers clean panels at a solar park in Modhera, India's first round-the-clock solar-powered village, in the western state of Gujarat, India, October 19, 2022 /Reuters India's quasi-sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), and the Japan Bank for International Cooperation (JBIC) launched on Wednesday a $600-million fund to invest in sustainability projects.
JBIC will contribute 51% of that figure, and India the rest, the Indian government said in a statement.
The India-Japan Fund will target investment in sustainable projects in areas such as renewable energy, e-mobility and waste management, the NIIF, launched in 2015 as India's first state-backed fund, said in a statement.
It will also look to boost collaboration between Indian and Japanese firms amid an "unstable world situation and problems such as a severed supply chain," said Hayashi Nobumitsu, the governor of the Japanese bank.
"Japanese companies are increasingly interested in entering the Indian market as a relocation destination for a production base or an investment destination," he added.
>> Source: Reuters
JBIC will contribute 51% of that figure, and India the rest, the Indian government said in a statement.
The India-Japan Fund will target investment in sustainable projects in areas such as renewable energy, e-mobility and waste management, the NIIF, launched in 2015 as India's first state-backed fund, said in a statement.
It will also look to boost collaboration between Indian and Japanese firms amid an "unstable world situation and problems such as a severed supply chain," said Hayashi Nobumitsu, the governor of the Japanese bank.
"Japanese companies are increasingly interested in entering the Indian market as a relocation destination for a production base or an investment destination," he added.
>> Source: Reuters
