The Union Cabinet gave its ex-post facto approval for a Memorandum of Understanding (MoU) between India and the United Arab Emirates (UAE) to mobilise up to $75 billion long-term investment in the National Investment and Infrastructure Fund (NIIF).
The MoU will help establish a transparent and high-level framework and collaboration platform under which both countries intend to explore ways to facilitate and expand the participation of UAE's investment institutions in appropriate infrastructure projects and institutions in India including NIIF.
Background
The MoU was signed in February during Prime Minister Narendra Modi’s visit to UAE.
Current Affairs 23rd March, 2016 Highlights of Union Budget 2016-17 Highlights of Railway Budget 2016
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