LONDON: Eight projects, including Delhi-Meerut Regional Rapid Transit System, highways and a few related to green hydrogen and renewables, have been identified for support and funding under the UK-India Infrastructure Financing Bridge, representatives from the two sides said on Wednesday.
“Now we have formally committed to each other today, we can start to drive forward, hopefully at pace, because there’s a lot to be done and there’s a big agenda,” said Chris Hayward, policy chairman of the City of London Corporation.After almost two years of discussion, Niti Aayog and the City of London Corporation signed an agreement that will allow global companies to bring international standards to make the projects attractive for funding.
“The potential is huge. The idea is to pick up one or two marquee projects, structure them around building and design standards, which are global in nature and address perceived risks so that the cost of capital is reduced, making the projects attractive to investors to invest. The bridge itself is not about getting into the bidding process. It’s about bringing it to a stage where projects are then amenable to international finance,” said Niti Aayog CEO BVR Subrahmanyam.
The move comes as India and the UK negotiate the proposed FTA, which has been in the making for over 15 years, with a review by the new Labour govt delaying a decision. “On our side, we are ready to move forward as and when our partners are ready,” High Commissioner of India to the UK Vikram Doraiswami said.
Subrahmanyan said: “The fingers are touching but are not yet at handshaking distance – an extra five inches and you can grab.” He added: “Institutions are not yet global in India. When you think global, you are open to free trade.”
“Now we have formally committed to each other today, we can start to drive forward, hopefully at pace, because there’s a lot to be done and there’s a big agenda,” said Chris Hayward, policy chairman of the City of London Corporation.After almost two years of discussion, Niti Aayog and the City of London Corporation signed an agreement that will allow global companies to bring international standards to make the projects attractive for funding.
“The potential is huge. The idea is to pick up one or two marquee projects, structure them around building and design standards, which are global in nature and address perceived risks so that the cost of capital is reduced, making the projects attractive to investors to invest. The bridge itself is not about getting into the bidding process. It’s about bringing it to a stage where projects are then amenable to international finance,” said Niti Aayog CEO BVR Subrahmanyam.
The move comes as India and the UK negotiate the proposed FTA, which has been in the making for over 15 years, with a review by the new Labour govt delaying a decision. “On our side, we are ready to move forward as and when our partners are ready,” High Commissioner of India to the UK Vikram Doraiswami said.
Subrahmanyan said: “The fingers are touching but are not yet at handshaking distance – an extra five inches and you can grab.” He added: “Institutions are not yet global in India. When you think global, you are open to free trade.”
