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AIIB's 3rd annual meet in Mumbai in June

IANS  |  New Delhi 

The decision to hold the third annual meeting of the (AIIB) in in June is an acknowledgement of India's active participation in the multilateral institution, Minister Jaitley said on Tuesday.

He said it also reflects in the many projects in being considered for funding by the

Addressing a curtain raiser here to the annual meeting organised jointly by the Indian Ministries of External Affairs and and the AIIB, Jaitley unveiled the logo of the meeting.

The meeting is scheduled to be held on June 25-26 with theme "Mobilising for Infrastructure: Innovation and Collaboration".

"I am glad that decided not only to be a participant in the AIIB, but an active participant as well, and that has been chosen for the conference after the previous two in and (South Korea)," Jaitley said.

He said the is functioning "fairly effectively" in the two years of its existence with many projects in pipeline.

"is at the forefront with five projects actively funded and many others under consideration," Jaitley said, adding that the current from China, is keen to have a "large talent pool from India in the Bank".

Noting the thrust on infrastructure given in India's Budget 2018-19, the AIIB said the Beijing-headquartered has invested over $1 billion in India in two years.

Among these are the $339 million funding in July 2017 for the rural roads project and $235 million for the Metro, which is the first metro project to be funded by the AIIB," Jin said.

Last year, the AIIB said it is looking to pump in $1.5 billion (Rs 9,599 crore) in six new projects in India that includes Rs 1,279 crore in (NIIF).

The $1.5 billion proposed investments by AIIB in the country, include Mumbai Metro Line 4 Project ($500 million), Metro Rail Project Line R6 ($339 million).

Besides, NIIF ($200 million), Amaravati Sustainable Capital City Development Project ($200 million), Rural Connectivity Project ($141 million) and Transmission System Strengthening Project ($100 million).



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 27 2018. 13:34 IST