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Canada to invest pension funds (USD 750Bn) in urban projects

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The Canadian Flag flies from the stern of the Uchuck 111 as it traverses Esperanza Inlet, British Columbia, Canada.

Canada is keen on investing its pension funds in urban development and infrastructure projects in India and will be opening an office in this regard in Mumbai next month.

This was stated by High Commissioner of Canada Nadir Patel during his meeting with Urban Development Minister M Venkaiah Naidu here today.

The High Commissioner also informed that his government is thinking of entering into a Bilateral Investment Policy Agreement with India.

Patel said that Canadian government has about USD 750 billion of pension fund and is looking at huge investment opportunities now available in India in the context of new urban sector initiatives and stress on infrastructure development, according to a UD Ministry official.

He informed Naidu that urban initiatives like Smart City Mission, Atal Mission, Housing Mission top the agenda of his discussions with business leaders and investors.

Patel also said that with three of the world’s top five smart cities in Canada, his country has vast experience of building smart cities which could be shared with the states and urban local bodies in India.

Canada also has successfully implemented public-private- partnership projects with a separate organisation ‘PPP Canada’ and Indian authorities could also benefit from this, he said.

Meanwhile, TATA Housing Development Company Ltd., has evinced keen interest in taking up affordable housing projects in urban areas under the Housing Mission.

A delegation of TATA Housing led by its Managing Director Brotin Banerjee held wide-ranging talks with Naidu.

Welcoming the broad features of the government’s urban housing mission, Banerjee said that the ambitious housing targets can be achieved under the Mission if the states and urban local bodies make land and necessary infrastructure available to private project developers.

In response to TATA Housing’s keen interest to partner in the implementation of housing mission in urban areas, Naidu suggested to them to come out with a workable model and to hold further discussions with state governments on forming joint ventures.

Banerjee said that his company has so far built 10,000 affordable housing units and handed over to the owners.

Source: PTI
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