New Development Bank Commits $100 million in NIIF Fund of Funds

The New Development Bank (NDB) has dedicated to speculate USD 100 million (Rs 727.6 crore), into the National Investment and Infrastructure Fund Limited (NIIF) Fund of Funds (FoF). With NDB’s funding, the whole commitments secured by the FoF has reached $800 million (about Rs 5,820 crore). This funding marks NDB’s first fairness funding into India and its first-ever funding right into a Fund of Funds.

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Currently, the Government of India (GoI), Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) are the investor within the FoF. Now NDB has joined the group. The FoF was established in 2018 with the target of offering homegrown Indian non-public fairness fund managers entry to an India-focused institutional investor that operates at scale.

Benefits to Indian Economy:

  • The Investments will massively profit the Indian financial system which is going through difficulties as a result of pandemic.
  • It can even help India’s efforts to spice up funding in infrastructure.
  • NDB’s help will additional tackle points like funding gaps, availability of institutional funding for home non-public fairness funds.

Important takeaways for all aggressive exams:

  • NIIFL Managing Director & Chief Executive Officer (CEO): Sujoy Bose.
  • NIIFL Headquarters: Mumbai, Maharashtra.
  • New Development Bank Chairperson of the Board of Governors: Anton Siluanov (Russia).
  • New Development Bank Headquarters: Shanghai, China.

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