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WASHINGTON: An American financial corporation on Tuesday announced that it will invest USD 54 million in India to support the development of critical infrastructure projects in the country in the wake of the Covid-19 pandemic.

India is one of the fastest growing countries in the previous three decades, but it suffers from a significant infrastructure deficit, holding back further growth for the country especially in the wake of Covid-19, US International Development Finance Corporation (DFC) said.

It said it will invest USD 54 million in equity for the National Investment and Infrastructure Fund (NIIF) in India to support the development of critical infrastructure projects. The financing is part of NIIF's final round of fund-raising for the fund.

NIIF will work to mobilise capital to support and address critical development challenges in the country, according to a statement.

DFC's investment will support the growth and development of a key partner in the Indo-Pacific and allow DFC to facilitate investment in strategic infrastructure projects throughout India,” said DFC CEO Adam Boehler.

“DFC brings its commitment to high standards in all of our projects, and we are excited to establish this partnership with NIIF. We are pleased to announce that NIIF has completed fund raising for its Master Fund,” said NIIF CEO Sujoy Bose.

“We are delighted that DFC is investing in this final round. Their investment will strengthen infrastructure investment across India. We are excited at all that DFC brings to the table, including its high standards such as the Blue Dot Network and commitment to best practices with respect to transparency and management of environmental and social risks,” he said.

DFC said its investment will help NIIF invest in infrastructure projects that are important for the long-term sustainable growth of the Indian economy, supporting development and the US foreign policy.