Union Cabinet on 29 July 2015 approved setting up of National Investment and Infrastructure Fund (NIIF) to back new and stressed projects may help restart the investment cycle.
The fund will have an initial corpus of 20000 crore rupees which can be leveraged by infrastructure companies.
NIIF is proposed to be set up as a Trust which would raise debt to invest in the equity of infrastructure finance companies such as Indian Rail Finance Corporation (IRFC) and National Housing Bank (NHB).
The fund was proposed by the Union Finance Minister Arun Jaitley in his Budget 2015-16.
Besides, the Cabinet also gave approval to foreign investment in the Alternative Investment Funds for facilitating domestic investment.
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When: 29 July 2015
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