New Delhi: India and the UK on Wednesday inked a pact on financial services, infrastructure and sustainable finance, aimed at helping to boost jobs and investments in both the countries.
In order to build economic ties further, Finance Minister Nirmala Sitharaman and UK Chancellor of Exchequer Rishi Sunak held a virtual 10th edition of India-UK Economic and Financial Dialogue (EFD) between the two countries.
Speaking during a session on infrastructure and sustainable finance, Ms Sitharaman said that India and the United Kingdom have agreed to establish a bilateral Sustainable Finance Forum.
‘India’s $1.4 trillion National Infrastructure Pipeline and the City of London are working together to ensure flows of sustainable finance. This Partnership is helping set up a Project Preparation Support Facility cum Centre of Excellence for PPP Projects,’ she added.
According to Ms Sitharaman, the Green Growth Equity Fund (GGEF) was launched in 2018, as a joint venture with £240 million funding to catalyse financing into green infrastructure in India. British Petroleum has become the first private investor, contributing $70 million, said the Minister.
Ms Sitharaman added that India and UK have increased cooperation through the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure (CDRI), launched by Prime Minister Narendra Modi and co-chaired by the UK.
As per the British High Commission in India’s release, ‘Since the first EFD with India in 2007, UK bilateral trade with India has more than doubled to nearly £24 billion in 2019.’
Ms Sitharaman and the chancellor discussed the importance of continuing to work together to deal with the global economic impact of Coronavirus, which the India and the UK are already leading as co-authors of the G20 Action Plan, apart from tackling climate change through sustainable finance.