New Delhi : (IANS) The union cabinet on Wednesday approved the MoU between India and the UAE signed on February 11, 2016, to mobilise long-term investment into the National Investment and Infrastructure Fund (NIIF), an official statement said here.

The objective of NIIF is to maximise economic impact mainly through infrastructure development in commercially viable projects, both greenfield and brownfield, including stalled projects. NIIF would solicit equity participation from strategic anchor partners.

The cabinet approved the creation of the National Investment and Infrastructure Fund (NIIF) in July 2015.

The joint statement with the United Arab Emirates (UAE) during the visit of Prime Minister Narendra Modi to the country on August 16-17, 2015, mentions the establishment of UAE-India Infrastructure Investment Fund, with the aim of reaching a target of $75 billion to support investment in India’s plans for rapid expansion of next generation infrastructure, especially in railways, ports, roads, airports and industrial corridors and parks.

“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, in a manner consistent with the established investment criteria and standards in a mutually agreed manner,” the statement said.