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.”
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