AIIB to give $500-mn loan for Mumbai rail, $75 mn for renewable projects

Under the Paris Agreement, the government of India plans to reduce the country's carbon intensity by 30-35 per cent of 2005 levels

Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) will give a $500-million loan to develop suburban rail network in Mumbai and another $75 million to help finance renewable energy projects in India. 

The four-year-old infrastructure-focused multilateral development bank, in which India is the second-largest shareholder, plans to scale up lending operations to $10 billion annually, from $4.2 billion now. India’s share in the total borrowing is about 30 per cent, and is the largest borrower from the institution, said D J Pandian, AIIB vice-president and chief investment officer. With the latest loans, its India financing would be $2.9 billion. 

The Mumbai Urban Transport Project