16:16 GMT +321 October 2019
Listen Live
    Indian commuters cross the road amid heavy rush hour traffic in Kolkata on July 31, 2015

    UAE, India to Create $75Bln Fund to Invest in Indian Infrastructure

    © AFP 2019 / DIBYANGSHU SARKAR
    Politics
    Get short URL
    0 55
    Subscribe

    The United Arab Emirates (UAE) and India agreed to create a $75-billion investment fund for development of Indian infrastructure, local media said.

    DUBAI (Sputnik) — On Sunday, Indian Prime Minister Narendra Modi arrived at the UAE to negotiate with the Emirati authorities on trade and security issues.

    “Recognizing that India is emerging as the new frontier of investment opportunities… UAE to raise their investments in India, including through the establishment of UAE-India Infrastructure Investment Fund,” the statement published on Monday by the UAE state news agency WAM said.

    The statement added that the $75-billion fund would be used for such infrastructure projects as railways, ports, roads, airports and industrial corridors and parks.

    Indira Gandhi was the last Indian prime minister to visit the United Arab Emirates in 1981.

    The two countries have always enjoyed a close relationship, and their bilateral trade amounts to some $60 billion.

    Related:

    Saudi Arabia Needs Mistrals for Power Projection in Middle East
    Saudi Arabia Constructs Naval Base on Yemeni Island After Its Occupation
    Away From Dollar: Russia, China to Create Entirely Different Gold Market
    India Summons Pakistani Envoy Over Ceasefire Violation, Civilian Deaths
    Pakistani Prime Minister Calls for Good Relations With India
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik