New Delhi– The government on Monday named senior World Bank official Sujoy Bose as the CEO of the Rs 40,000-crore National Investment and Infrastructure Fund (NIIF).

“Sujoy Bose, at present, Director and Global Co-Head, Infrastructure and Natural Resources, International Finance Corporation(IFC), Washington DC, has been appointed as the Chief Executive Officer (CEO) of National Investment and Infrastructure Fund (NIIF) Ltd,” said a finance minstry statement here.

IFC is the private sector lending arm of the World Bank.

The statement said Bose has “extensive international experience in the infrastructure sector including experience in raising funds from international investors”.

A search-cum-selection committee led by Economic Affairs Secretary Shaktikanta Das was constituted for selection of the CEO.

“Bose has been appointed as CEO following the conclusion of the selection process,” the statement said.

The establishment activities of India’s sovereign fund are underway and steps are being taken to operationalize the initiatives with different investors including RUSNANO, Abu Dhabi Investment Authority (ADIA) and Qatar Investment Authority (QIA), it added.

“NIIF initiatives would now be taken forward by the CEO and made further operational. An initial budgetary allocation of Rs 4,000 crores has also been made in the budget 2016-17. Further allocation would be made as and when necessary,” the ministry said.