The Asian Infrastructure Investment Bank (AIIB) in a recent decision has approved $1.5 billion funds for infrastructure and construction projects in India, AIIB's chief investment officer, D. J. Pandian, said, elaborating that the Beijing-based bank plans to invest over $100 billion through its belt and road schemes to build highways, rail lines, ports and other infrastructure ventures linking Asia, Europe and Africa. The funds cleared for India would be used for investment in country's roads, urban development projects and power sector and it is also contemplating allotting more funds for such projects next year. The bank's funds include a $200 million commitment to India's National Investment and Infrastructure Fund (NIIF) to spend on roads, housing and urban development and the bank will let the Indian government decide how to make the optimum use of the available sanctioned financial resources and that the energy-related projects will primarily be focused on renewable energy resources.
📅Published on:
03 March 2018
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