PM Modi-Biden nod to joint $1 billion fund for renewable energy infrastructure in India
NEW DELHI: A joint investment fund of up to $1 billion to support India’s efforts for faster transition through development and deployment of emerging green technology has received the green light from US President Joe Biden and Prime Minister Narendra Modi.
India’s National Investment and Infrastructure Fund and the US Development Finance Corporation have exchanged letters of intent (LoIs) to each provide up to $500 million to anchor a Renewable Infrastructure Investment Fund, taking forward the decision taken during Modi’s visit to Washington in June this year.
The two sides also decided to jointly support a payment security mechanism with both public and private funds to accelerate acquisition of made-in-India electric buses for decarbonising the transport sector, the joint statement issued after Friday’s meeting between the leaders said.
