AIIB fires $200-bn funds in Indian infra sector

The Asian Infrastructure Investment Bank (AIIB) in a recent move has decided to invest $200 million in India’s National Investment and Infrastructure Fund (NIIF), said economic affairs secretary, Subhash Chandra Garg, elaborating that NIIF was set up in 2015 as an investment vehicle for funding commercially viable green field, brown field and stalled infra projects. Commenting on the development AIIB vice president and corporate secretary, Danny Alexander said that of the $4.39 billion invested by AIIB, six Indian projects accounted for $1.21 billion. India has been the largest recipient of AIIB’s funds, with the proposed projects including; Amravati capital city development, rural roads, urban water supply and sewage management projects in Andhra Pradesh. The other projects are; Mumbai metro line-4 and irrigation and flood management project in West Bengal and that the concept for Mumbai urban transport project phase-3 has been approved, with $475 million investment proposed for the same by India.