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 this evening, Mr Sinha said, NIIF will provide equity finance to core sector projects to boost economic activity. He said, NIIF will be a commercially run organisation and will operate at arm's-length from the government. <br/><br/>The Minister said, government will own 49 per cent of NIIF, which will be based in Mumbai. He added that equity participation from strategic anchor partners like sovereign wealth funds will 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. Sinha said NIIF is like a sovereign wealth fund focused on infrastructure sector.He added that NIIF's governing council will have government representatives and experts, eminent economists and infrastructure professionals.<br/><br/>The Cabinet had earlier this week cleared setting up of NIIF, which was announced by Finance Minister Arun Jaitley in his budget 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.