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India, UAE to set up $75bn infrastructure fund

Indian foreign secretary Subrahmanyan Jaishankar said the fund will invest in Indian projects, but did not specify how it would be financed or structured

Indian prime minister Narendra Modi delivered a speech in Dubai on Monday, 17 August, 2015.
Indian prime minister Narendra Modi delivered a speech in Dubai on Monday, 17 August, 2015.

The UAE and India will set up a multi-billion dollar fund to invest in Indian infrastructure projects and cooperate in producing military equipment, space technology and nuclear energy, officials said on Monday, 17 August, 2015.

Indian foreign secretary Subrahmanyan Jaishankar announced the plans at the end of a two-day visit to the UAE by prime minister Narendra Modi, which focused on both business ties and national security.

The fund will aim to raise $75bn to build railways, ports, roads and other projects in India, Jaishankar said, as per a report by newswire Reuters.

However, no information was provided regarding a timeframe for the fund, how it would be financed, or structured. 

A joint statement by the two governments said the UAE would help India develop strategic petroleum reserves in addition to its upstream and downstream petroleum sectors.

The governments will "cooperate in manufacture of defence equipment in India", the statement said without elaborating.

Modi gave a speech in Dubai later in the day, following his visit to Abu Dhabi, and meeting with officials from the UAE government.

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