AIIB likely to lend $3 bn to Andhra Pradesh for development projects

The Asian Infrastructure Investment Bank (AIIB) on Thursday offered to extend a $3 billion loan to Andhra Pradesh for development projects. This was revealed at a meeting of AIIB representatives with chief minister Y S Jagan Mohan Reddy, according to the chief minister's office.

Reddy told AIIB officials that his government intended to utilise these funds to construct ports at Bhavanapadu and Machilipatnam in Srikakulam and Krishna districts, respectively, apart from other infrastructure projects in the state.

A team consisting of the bank's vice-president and chief investment officer D J Pandian, director general- investment operations, U N Pang and principal social development specialist Somnath Basu visited Amaravati to meet the chief minister.