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AIIB looks to provide loans worth USD three bn to India

Friday, 31 Jul 2020
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As part of its effort to improve connectivity, the Asian Infrastructure Investment Bank (AIIB) looks to provide USD three billion for various large infrastructure projects. These projects include the Delhi and Meerut Rapid Rail, Mumbai Metro Rail and Chennai Peripheral Ring Road project, over the next 12 months.

As of 16 July 2020, AIIB has approved up to USD 19.6 billion for 87 projects in 24 economies. Since its inception in 2016, AIIB has approved loans to the tune of USD 4.3 billion across 17 projects in India.

Projects worth USD 4.5-five billion are there in the pipeline and it will be approving another USD three billion to India in a year's time if everything goes well.
The project being considered for financing include Delhi-Meerut rapid rail corridor (USD 500 million), Haryana Bypass Link Railway (USD 400 million), Mumbai Metro Line V (USD 350 million) and Mumbai Urban Transport Project (USD 500 million).

In Maharashtra alone, three projects of about USD 1.2 billion are under consideration. Three road projects of Tamil Nadu including Chennai Peripheral Ring Road project worth USD 1.1 billion are at different stages of approval.

These projects, once completed, will not only improve connectivity but reduce carbon footprint.

To fight COVID-19 pandemic, AIIB has approved two loans of USD 500 million and USD 750 million respectively.

The first loan of USD 500 million sanctioned in May 2020 was towards building a resilient health system that can effectively treat the virus 19 patients and prevent its spread.

In June 2020, USD 750 million loan was approved to India to help the government strengthen its battle against the adverse impact of the pandemic on poor and vulnerable households.

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