AIIB extending $3-bn financing for infra projects

Beijing-based multilateral funding agency AIIB is contemplating to provide loans worth USD 3 billion for various big-ticket infrastructure projects, including the Delhi and Meerut Rapid Rail, Mumbai Metro Rail and Chennai Peripheral Ring Road project, over the next 12 months, vice president D J Pandian informed. India is the largest borrower accounting for 25 per cent of the total lending by the Asian Infrastructure Investment Bank (AIIB). As of July 16, 2020, AIIB has approved up to USD 19.6 billion for 87 projects in 24 economies. AIIB has already approved loans of USD 4.3 billion across 17 projects in India. Pandian informed that the pipeline is very robust and many infrastructure projects are at various stages of approval. Projects worth USD 4.5-5 billion are there in the pipeline and the bank will approve another USD 3 billion to India. In Maharashtra, three projects of about USD 1.2 billion are under consideration and three road projects of Tamil Nadu including Chennai Peripheral Ring Road project worth USD 1.1 billion are at different stages of approval.