Categories: Business

AIIB plans to approve loans worth USD 3 Billion to India

Photo: PTI

AIIB plans to approve loans worth USD 3 Billion to India

new Delhi. Beijing-based multilateral funding agency AIIB as part of its effort to improve connectivity routes and traffic in India for various large infrastructure projects including Delhi and Meerut Rapid Rail, Mumbai Metro Rail and Chennai Outer Ring Road Project in the next 12 months Is working towards providing loan of Rs. DJ Pandian, vice-president of Asian Infrastructure Investment Bank, informed PTI-Language in an interview. He said that India is the largest borrower so far, with 25 per cent of AIIB's total disbursed debt.

AIIB was established in 2016. Since then, AIIB has approved loans of $ 19.6 billion for 87 projects in 24 countries. These include $ 4.3 billion in loans for 17 projects in India. Pandian told about future opportunities for financing, that the pipeline is strong and many infrastructure projects are in various stages of approval. He said, "Right now, projects worth $ 4.5 to 5 billion are in the pipeline and if all goes well, we will approve three billion dollars of debt for India in a year." According to him, projects for financing on which They are being considered, Delhi-Meerut Rapid Rail Corridor ($ 500 million), Haryana Bypass Link Railway ($ 400 million), Mumbai Metro Line V ($ 350 million) and Mumbai Urban Transport Project ($ 500 million).

Pandian reported that in Maharashtra alone, three projects worth about $ 1.2 billion are under consideration. He said three road projects in Tamil Nadu are also under consideration, including the $ 1.1 billion Chennai Peripheral Ring Road. These projects are in various stages of approval. He said that environmental and social clearances are being delayed due to travel restrictions due to Kovid-19. Once completed, these projects will not only improve connectivity, but will also reduce carbon footprint.

Asked about assistance to fight the Kovid-19 pandemic, Pandian said that the AIIB has approved two loans of $ 500 million and $ 750 million respectively. He said that the first loan of $ 500 million approved in May was for the construction of a flexible health system. In addition, a $ 75 million loan was approved last month to help the government strengthen its fight against the adverse effects of Kovid-19 on poor and vulnerable families.

This post was published on July 30, 2020 6:27 pm

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