AIIB to step up lending in India; plans to approve loans worth $3 billion

India is the largest borrower, which accounts for 25% of the total lending by AIIB so far

As part of its effort to improve connectivity, Beijing-based multilateral funding agency AIIB is looking to provide loans worth $3 billion for various large infrastructure projects, including Delhi and Meerut Rapid Rail, Mumbai Metro Rail and Chennai Peripheral Ring Road project, over the next 12 months.

India is the largest borrower, which accounts for 25 per cent of the total lending by Asian Infrastructure Investment Bank (AIIB) so far, the bank's vice president D J Pandian told PTI in an interview.

As of July 16, 2020, AIIB has approved up to $19.6 billion for 87 projects in 24 economies. Since its inception