AIIB provided India with a $160 million loan to develop electrical energy industry

Almaty. May 3. Silkroadnews – The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) has approved a loan of $160 million for India to fund a major energy project in the southeastern state of Andhra Pradesh, TASS reports.

The allocated funds will be used to implement the government program “Power for All”, launched in 2014 to provide an efficient and uninterrupted supply of electricity to Indian consumers. The program is planned to be implemented within five years. Andhra Pradesh is one of the first states where such measures are undertaken.

The AIIB was initiated by China and established in December 2015 as an instrument designed to boost investment in transport, energy and telecommunications infrastructure in Asia. The authorized capital of the bank is $100 billion; the largest shareholders are China (26.06%), India (7.5%) and Russia (6%).

In March 2017 the AIIB Board of Directors adopted resolutions approving 13 other applicants to join the Bank bringing the Bank’s total approved membership to 70 after completing all the required domestic processes and depositing the first installment of capital with the Bank.