The Asian Infrastructure Investment Bank (AIIB) has increased its investments in India with total in-country financing now standing at USD 2.9 billion.
Two of its most recent projects approved by AIIB’s Board of Directors in October 2019 totaling USD 575 million are expected to ease congestion in the country’s financial hub and boost private capital investment in renewable energy, power transmission and water infrastructure.
A loan to the tune of USD 500 million was granted to the government is expected to fast-track work on Mumbai’s suburban railway network, improving the safety and daily commute of passengers across the city.
The funds will contribute to a quadrupling of Virar-Dahanu Road corridor (in the length of 64 km) to provide an extension of the suburban railway service to connect peripheral areas with Mumbai.
The project will also see construction of a new suburban railway corridor between Panvel and Karjat localities (length of 28 km) to cater to commuters in the area.
AIIB has also approved a loan of USD75 million to Tata Cleantech Capital (TLLC) in October 2019. The Tata Cleantech Sustainable Infrastructure on-lending facility project aims to increase private capital investment in renewable energy, power transmission and water infrastructure.