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AIIB to invest USD 200 million in NIIF: chief


Press Trust of India New Delhi
Asian Infrastructure Investment Bank (AIIB) will invest around USD 200 million in India's first sovereign wealth fund NIIF, said AIIB president Jin Liqun here today.

Beijing-based AIIB, which started functioning in 2016, has committed over USD 1 billion in five infrastructure projects in India and proposes to take 12 more projects envisaging assistance of USD 3.5 billion.

Talking to PTI, Jin said the bank would focus on funding infrastructure projects in road, energy and transport sector.

"We are working on some other projects also. For instance, the Indian government attaches importance to NIIF, the initial fund might be USD 1 billion, we may be chipping in USD 200 million," he said.

The projects being currently funded by AIIB in India include Bangalore Metro Rail Project, Transmission System Strenghning Project, Gujarat Rural Road Project and Power Project in Andhra Pradesh.

Jin is in India for the third Annual General Meeting of the AIIB to be held in Mumbai on June 25-26.

The AIIB chief yesterday called on Prime Minister Narendra Modi, who asked the AIIB to showcase and demonstrate successful projects.

"We had very good meeting with the prime minister. We discussed the broad issues of cooperation between AIIB and India. And I told the prime minister I am very much pleased to see, India as the second largest shareholder of AIIB. India is playing a very important role in the running the bank," he said.

The AIIB, he said will continue to support India's infrastructure sector, especially help in reducing the traffic congestion and increase rural connectivity.

As of December 31, 2017, AIIB's board has approved 24 projects with a total amount of USD 4.23 billion in 14 member countries, including up to USD 1.07 billion in funding of five projects in India.

The government had set up the Rs 40,000-crore National Investment and Infrastructure Fund (NIIF) in December 2016 as an investment vehicle for funding commercially viable greenfield, brownfield and stalled projects.

It was envisioned as a mother fund with several sectoral feeder funds.

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First Published: Feb 27 2018 | 3:45 PM IST

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