The initiative will have a steering committee with representatives from HM Treasury, Aon, Arup, Mott MacDonald, Clifford Chance, Sequoia Investment Management Company, Department of Economic Affairs, Larsen & Toubro, Sorin Investment Fund, Economic Laws Practice and Aecom.

The signing of the UKIIFB marks “the strengthening financial and professional services partnership between the two nations”, according to the City of London Corporation. It went on to say the UKIIFB would leverage “the UK’s expertise in structuring and phasing major projects in order to unlock sustainable infrastructure investment into India”.

The City of London Corporation said the “first raft of projects” being considered within the partnership cover highways, regional rapid transport and renewable energy and UKIIFB’s steering committee would drive the aims of the initiative.

The aims are to suggest pathways for private capital mobilisation to be accelerated into India’s sustainable infrastructure, to lobby policymakers with recommendations on “how to address barriers to investment”, and to share best practices.

The Corporation said the UKIIFB’s steering committee would work to understand how sustainable infrastructure projects can “be better positioned as investable and attractive to international investors”.

Civil engineers describe UKIIFB as ‘excellent opportunity’ and ‘unique’

Mott MacDonald managing director for international development services Simon Harris said: “Investment in climate-resilient infrastructure will play a key role in supporting India’s rapid economic and social development.

“The UKIIFB is an excellent opportunity for investors to collaborate with India’s project shapers to accelerate investable and sustainable infrastructure development.”

Arup director of urban design and masterplanning Sowmya Parthasarathy said: “Infrastructure is the foundation for India’s economic growth. Today’s announcement of the UKIIFB comes at a pivotal moment.

“It is a unique partnership bringing the UK’s expertise in structuring and phasing major projects in order to help unlock sustainable infrastructure investment into India.”

Financial services firms say growing infrastructure needs adequate risk management

Aon UK is an insurance and risk management company.

Aon UK director, construction and infrastructure Mark Courtneidge said: “There are major opportunities under development in India within the area of sustainable infrastructure, so Aon is very pleased to be part of the steering committee for UKIIFB.

“I’m sure that our local and global expertise in providing risk solutions will both support and facilitate the team’s ambitions.”

Sequoia Investment Management Company (SIMCo) specialises in infrastructure debt.

Sequoia Investment Management Company chief risk officer Anurag Gupta said: “India’s rapidly growing sustainable infrastructure demand must be met with adequate project and risk management expertise.

“Sequoia Investment Management is extremely pleased to be part of the steering committee for UKIIFB and I’m looking forward to seeing the outcome of our collaboration in this series of projects.”

UKIIFB partners describe it as ‘game-changer’

NITI Aayog CEO Shri B.V.R. Subrahmanyam said: “The UK India Infrastructure Financing Bridge (UKIIFB), jointly announced by the Hon’ble Finance Minister of India and the Chancellor of the Exchequer of the UK, represents a significant collaborative effort spearheaded jointly by NITI Aayog and the City of London.

“This initiative underscores the commitment of both nations to work together in unlocking major infrastructure investment opportunities in India. This is a game-changer that not only accelerates India’s economic ascent but also strengthens its position on the global stage.

“It is not limited to connecting the two nations; it connects India to its aspirations of becoming a global powerhouse.”

City of London Corporation policy chairman Chris Hayward said: “I am delighted to today sign the UK India Infrastructure Financing Bridge welcoming a new chapter in the extensive business relationship between our two nations.

“The UK’s expertise in professional services, finance and scaling major projects makes it a natural partner to meet India’s growing infrastructure needs, showcasing the City of London’s position as a global city.

“Additionally, our leadership and talent in green finance can facilitate the development of India’s ambitious sustainable projects providing climate solutions in the push to net zero.

“We look forward to further developing this new and exciting partnership.”

Indian government representative says UKIIFB took over a year to create

High Commissioner of India to the United Kingdom Vikram Doraiswamy said: “The team at the High Commission are delighted by the establishment of this financing bridge today. Announced as an objective at the last India – UK Economic and Financial Dialogue in September 2023, this structure is the culmination of over a year of shared effort.

“The UKIIFB is a striking testament to the complementarity of our bilateral economic relationship. It is a means for India and the UK to use the respective strengths of their systems–the UK’s sophisticated and well-resourced financial sector, and India’s world-leading capacity to generate sustainable and high-value returns in the long-term–to offer each other the benefit of growth-based partnerships for the long-term.

“As India’s NITI Aayog and the City of London implement the UKIIFB, and thereby jointly design large infrastructure project proposals in a manner that benefits private capital inflows, India and the UK will broaden and deepen their relationship by contributing to each other’s lasting and sustainable growth.”

Like what you’ve read? To receive New Civil Engineer’s daily and weekly newsletters click here.