India and the U.K. on Tuesday announced a joint Green Growth Equity Fund in which they have committed to anchor invest up to £120 million each.

“The purpose is to help India enhance inclusive growth by boosting investment into green infrastructure on commercial terms,” the draft agreement said.

“The success of the Fund will crowd in private investment that will have a transformational impact on India’s development.” The fund aims to raise about £500 million, and may unlock more in future. The deal was announced at the bilateral meeting between Finance Minister Arun Jaitley and the U.K. Chancellor of the Exchequer Philip Hammond.

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