NEW DELHI: On Wednesday, the Japan Bank for International Cooperation (JBIC) and India’s quasi-sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), announced the establishment of a $600 million fund to invest in sustainability projects.
India Japan launch carbon emission projects: According to a statement from the Indian government, JBIC will provide 51% of that total and India the remaining amount.
The India-Japan Fund, established in 2015 as India’s first state-backed fund, will concentrate on financing sustainable projects in sectors such as waste management, e-mobility, and renewable energy, as per the NIIF.
As a result of a “unstable global situation and problems like a severed supply chain,” said Hayashi Nobumitsu, governor of the Japanese bank, it will also seek to strengthen cooperation between Indian and Japanese businesses.
“Japanese companies are showing growing interest in the Indian market as a potential relocation destination for a production base or investment,” he continued.
