Minister of State for Finance Jayant Sinha has said that the National Investment and Infrastructure Fund, NIIF, will be operational by the end of this year. Briefing media in New Delhi Friday, Mr Sinha said, the NIIF will provide equity finance to core sector projects to boost economic activity. He said, the NIIF will be a commercially run organisation and will operate at arm's-length from the government.The Minister said, government will own 49 per cent of the NIIF, which will be based in Mumbai. He added that equity participation from strategic anchor partners like sovereign wealth funds would be sought. The Minister said, government is looking for long-term investors in NIIF adding that provident funds, endowment and sovereign funds have expressed interest in it. Mr Sinha said, the NIIF is like a sovereign wealth fund focused on infrastructure sector. He added that the NIIF's governing council would have government representatives and experts, eminent economists and infrastructure professionals.The Cabinet had earlier this week cleared setting up of the NIIF, which was announced by Finance Minister Arun Jaitley in his Budget speech for 2015-16. Government will provide 20 thousand crore rupees from Budget as seed money to the fund, which will provide equity support to infra project.