CORPAT: India, Bangladesh navies institute annual coordinated patrol

India and Bangladesh have agreed to institute Coordinated Patrol (CORPAT) as an annual exercise between navies of two neighbouring countries. The first edition of CORPAT between two navies was inaugurated by Indian Navy’s Chief Admiral Sunil Lanba during his visit to Bangladesh. The aim Navy Chief’s visit was to consolidate bilateral defence relations between India and Bangladesh and to explore new avenues for naval cooperation.

Key Facts

The first edition of joint patrol exercise CORPAT was held undermilitary cooperation of both countries. It saw participation of four maritime patrol aircraft, two from Bangladesh Navy and two from Indian navy, and four frigates, two from Bangladesh Navy (BNS Dhaleswari and BNS Abu Bakar) and two from Indian navy (INS Kadmatt and INS Satpura). During the joint patrol, naval forces of both the countries shared information through naval communication and understanding. The warships and patrol aircraft jointly patrolled from Bangladesh’s sea territory and sailed towards the Indian waters in Bay.

Significance

The institution of CORPAT between India and Bangladesh is considered as major step towards enhanced operational interaction between both navies. The joint patrol will help to curb maritime crimes, including militancy in sea, and stop various sea crimes like smuggling and piracy in Bay of Bengal. At present, both naval forces are patrolling their respected water territories round-the-clock on individual purpose.

Background

Indian Navy regularly conducts CORPATs with Indonesia, Thailand and Myanmar. It also conducts EEZ (Exclusive Economic Zone) surveillance of Maldives, Mauritius and Seychelles on their request. . The CORPAT exercise between navies carries out search and rescue operations, institutes measures for vessels indulged in unlawful activities as well as control pollution.

The naval cooperation between India and Bangladesh has been traditionally strong and encompassed wide span which includes operational interactions through port calls, passage exercises along with capacity building, capability enhancement and training initiatives. Over last few years, Indian Navy has expanded its assistance to countries in the region through material support, training, EEZ surveillance, hydrographic assistance, provisioning of platforms, joint exercises and offering slots in professional training courses.

Month:  Categories: Defence & Security

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AIIB to invest $200 million into NIIF to boost infrastructure projects

The Asian Infrastructure Investment Bank (AIIB) has approved investment of $200 million in India’s National Investment & Infrastructure Fund (NIIF) to give greater impetus to mega infrastructure projects. It will be investing US $100 million now and remaining $100 million in the time to come.

India: largest recipient of AIIB

AIIB so far approved $4.4 billion investments in 25 projects. Of these investments, $1.2 billion have been approved for six infrastructure projects in India, making it largest recipient of funds from the multilateral agency. AIIB is China led multilateral development bank set up in 2016. Its purpose is to provide finance to infrastructure development and regional connectivity projects in Asia-Pacific region. It has 83 member nations. India is second largest shareholder in AIIB after China. It is headquartered in Beijing, China.

National Investment and Infrastructure Fund (NIFF)

NIIF was set up in December 2015 to catalyse funding into the country’s infrastructure sector. It has been registered with the Securities and Exchange Board of India as a Category II Alternate Investment Fund. It has been set up as a fund of funds structure with aim to generate risk adjusted returns for its investors alongside promoting infrastructure development.

It has targeted corpus of Rs 40,000 crore to be raised over the years — 49% of it will be funded by government at any given point of time. The remaining 51% will be raised from domestic and global investors, including international pension funds, sovereign wealth funds, multilateral/bilateral investors. Its Governing Council is chaired by Finance Minister and has already been set up to act as an advisory council to the NIIF.

Month:  Categories: Business, Economy & Banking

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