AIIB accords $160 million for AP power project

Asian Infrastructure Investment Bank has approved USD 160 million loan for a power project in the southern state of Andhra Pradesh.

This is the first credit from the China-sponsored bank for an Indian project.

The project is co-financed by the World Bank. “AIIB supports its members in their transition towards a low-carbon energy mix by promoting the improvement of energy efficiency, such as upgrading the existing transmission and distribution networks,” said Jin Liqun, President of the bank.

Liqn added: “I am delighted that AIIB is working closely with India, who is our second largest shareholder, in energy and other infrastructure sectors, and we expect the Andhra Pradesh – 24×7 Power for All project to be the first of many projects AIIB invests in India.”

Image Credit : images.financialexpress.com

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