The Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved a USD 356.67 million loan for the expansion of the Chennai metro rail system, taking the bank’s financing for various projects in India to USD 6.7 billion, making the country its largest beneficiary.
Launched in 2016, the AIIB is a multilateral development bank that aims to support building of infrastructure in the Asia-Pacific region. China is the largest shareholder of the bank with 26.06 per cent voting rights. India is the second-largest shareholder with 7.5 per cent followed by Russia at 5.93 per cent and Germany at 4.5 per cent.
The Chennai project involves the construction of a new corridor in Chennai’s metro network as part of its Metro Rail Phase 2, AIIB Vice President for Investment Operations D J Pandian said on Thursday.
