AIIB approves $455-mn for rural road networks

The Asian Infrastructure Investment Bank (AIIB) recently approved $455-million for a road project in rural areas of Andhra Pradesh, the bank said in a statement, claiming that more than two million people living in rural areas of the state stand to benefit from an improved road network connecting them with markets, schools and other services The project aims for construction and upgrading of more than 6,000 km of roads connecting around 3,300 rural habitations in Andhra Pradesh. In addition to improving transport links to facilitate the delivery of agricultural and farm goods to markets, all-weather connectivity is also expected to result in better health and education outcomes. This is a second project AIIB has financed in May last year as the bank sanctioned a $160-million loan for a power project in the State. AIIB‘s mandate focuses on promoting economic development in Asia by helping build sustainable infrastructure. said AIIB Vice-President and Chief Investment Officer DJ Pandian, adding that this is AIIB‘s third investment in rural roads projects in India as such projects align with the Sustainable Development Goals and the Government of India‘s priorities.