Billion-dollar boost: AIIB plans $1 billion investment in India

Asian Infrastructure Investment Bank (AIIB) plans to invest $1 billion funds in India over the next one year. The multilateral development bank has already approved a project loan worth $500 million (Rs 3,589 crore) to Mumbai Urban Transport Project (MUTP) towards the development of suburban infrastructure around Mumbai.

“Within the next year or so, (we have committed) at least an additional $1 billion in projects, primarily power and water projects… There is a power distribution project in Assam (with a funding requirement of Rs 400 million), there is also another project in the works in West Bengal,” Laurel Ostfield, director-general, communications, AIIB told FE. AIIB was started by 67 countries, and India is its second largest shareholder in it after China.