The United Kingdom and India have agreed to a strategic partnership aiming to boost infrastructure investment in India.
- Representatives from various sectors, including finance and engineering, will form a steering committee.
- The United Kingdom-India Infrastructure Financing Bridge (UKIIFB) leverages UK expertise for sustainable development.
- Initial projects under this partnership include highways, rapid transport, and renewable energy.
- Key figures from both nations applaud the initiative as a significant economic opportunity.
The recently established UK-India Infrastructure Financing Bridge (UKIIFB) marks a significant collaboration between the United Kingdom and India, set to enhance infrastructure investment in India. This strategic initiative was formalised by the City of London Corporation and NITI Aayog, aiming to strengthen the financial and professional services ties between the two nations.
A diverse steering committee consisting of representatives from HM Treasury, Aon, Arup, Mott MacDonald, Clifford Chance, and Sequoia Investment Management Company, alongside Indian counterparts, will guide the UKIIFB’s objectives. This body is tasked with mobilising private capital towards India’s sustainable infrastructure sector, lobbying for policy changes, and disseminating best practices.
The City of London Corporation emphasises the UKIIFB’s focus on utilising British expertise in structuring and phasing large-scale projects to propel sustainable infrastructure investments into India. Such investments are crucial for addressing barriers and making projects more attractive to international financiers. The committee’s efforts are already directed towards initial projects involving highways, regional transport systems, and renewable energy initiatives.
Industry experts have hailed the UKIIFB as a promising opportunity for fostering economic growth. Simon Harris, Mott MacDonald’s managing director for international development, highlighted the role of climate-resilient infrastructure investment in supporting India’s development. Sowmya Parthasarathy of Arup described this partnership as unique, citing the UK’s project structuring expertise as key to unlocking investment potential.
Financial and risk management firms like Aon and Sequoia Investment Management also recognize burgeoning opportunities in India’s sustainable infrastructure. Aon’s Mark Courtneidge and Sequoia’s Anurag Gupta stressed the importance of robust risk management to support the UKIIFB’s ambitions. They expressed enthusiasm for participating in projects that promise infrastructure advancement through effective risk solutions.
Indian authorities are equally optimistic. Shri B.V.R. Subrahmanyam, CEO of NITI Aayog, referred to the UKIIFB as a game-changer that fast-tracks India’s economic growth while enhancing its global standing. This initiative is the result of over a year of collaborative effort, aimed at aligning the UK’s financial system strengths with India’s sustainable project capabilities.
The UK-India Infrastructure Financing Bridge signifies a pivotal step towards mutual economic advancement and sustainable growth.
