AIIB to invest 100 million USD in solar and wind projects in India
The Asian Infrastructure Investment Bank (AIIB) which is headquartered at Beijing expects an investment of 100 million USD in India in a year. The foreign investment is to enter India through the bank in Wind and solar projects.
AIIB approves 500 million USD for MUTP 3
- On November 16, 2019, the bank approved a loan of 500 million USD in three suburban rail infrastructure projects.
- The projects are being executed under MUTP-Mumbai Urban Transport Project
- The project curbs trespass deaths by including mid-section trespasses. It is the first of its kind in the country.
AIIB Investments in India
- AIIB has so far invested 2.9 billion USD. It amounts to 30% of the total investment
- India is the largest borrower of AIIB.
- The bank is planning to increase its investments in the future. It has a long-term strategy framed for the investments in India. In 2019-20, the plan is to invest around 4.5 billion USD. Next year the target is to increase the investment to 5 billion USD. The plan is to reach 10 billion USD by 2025.
The ongoing key projects of AIIB includes the following
- 400 million USD has been invested by the bank in the rural water supply system of Karnataka
- Around 1 billion USD is being spent on power distribution and transmission in the state of Assam.
- 800 million USD is to be invested in Chennai Metro.
Category: Economy & Banking Current Affairs