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AIIB working on another five projects in India

IANS  |  Kolkata 

The (AIIB), which has already approved five projects in with over $1 billion funding, is also working on another five projects in the country, an said here on Tuesday.

"To date, has approved five projects in with the total funding up to $1.07 billion... We are working on another five projects," Soon-Sik Lee said here at a programme on "Mass Rapid Transport Systems for Urban Areas: Opportunities and Challenges" organised by AIIB, the Indian Ministry, and Research and Information System in collaboration with

Among the new projects, the recently approved a $335 million loan for a 100-percent electric metro project in Bengaluru, he said.

A Transmission System Strengthening Project with $100 million fund, Gujarat Rural Roads Project with $329 million, Andhra Pradesh Power for All project ($160 million) and Infrastructure Fund with up to $150 million fund are the other approved projects.

The said the multilateral has a "strong pipeline of projects" from India. Under reviewed projects were from the sector of trasportation both urban and rural, power grid and transmission improvement, and both semi-urban and urban areas, he added.

Headquartered in Beijing, the commenced its operations in January 2016 and approved 24 projects totalling up to $4.23 billion in 14 member countries.



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

First Published: Tue, March 13 2018. 16:16 IST