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FM Nirmala Sitharaman to mobilize Rs 111 lakh crore funds from UAE; focus on FinTech cooperation intensifies

Minister Sitharaman had mentioned that UAE can collaborate with India on its National Infrastructure Pipeline (NIP) thereby boosting ties in the field of infrastructure investment.

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VoicenData Bureau
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Finance Minister Nirmala Sitharaman and UAE's Minister of State for Financial Affairs Obaid Al Tayer agreed to cooperate in the area of FinTech

In a recently held virtual interaction, India’s Finance Minister Nirmala Sitharaman and UAE's Minister of State for Financial Affairs Obaid Al Tayer agreed to cooperate in the area of FinTech especially UPI and RuPay cards.

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This agreement integrates financial transactions between the two economies.

The Twitter feeds from the Ministry indicates that both leaders, on the video conference, expressed respect for the long-standing relationship between India & UAE, and the need to take it further in mutually beneficial ways.

Minister Sitharaman had mentioned that UAE can collaborate with India on its National Infrastructure Pipeline (NIP) thereby boosting ties in the field of infrastructure investment.

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The tweets also indicate that both the leaders also agreed to work together in aligning the interests of India and UAE in various international forums including G-20 and ITU (International Telecommunication Union), for achieving common goals.

According to a PTI report, about 7,000 projects have been identified under the National Infrastructure Pipeline (NIP) with a projected investment of Rs 111 lakh crore during 2020-25.

This cooperation also resonates with Prime Minister Narendra Modi’s intention, which was expressed on the 74th Independence Day in his speech. He said the Indian economy’s main focus will be the creation of a pipeline of national infrastructure projects worth more than Rs 110 lakh crore.

Earlier, Minister of External Affairs S Jaishankar co-chaired the 13th India-UAE Joint Commission Meeting on Trade, Economic and Technical Cooperation along with Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs in which the two sides reviewed the continuing growth of their cooperation.

Jaishankar said after the virtual meeting that the Comprehensive Strategic Partnership between the two countries is growing. He said the two sides reviewed the continuing growth of their broad-based cooperation.

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