Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) will give a $500-million loan to develop suburban rail network in Mumbai and another $75 million to help finance renewable energy projects in India.
The four-year-old infrastructure-focused multilateral development bank, in which India is the second-largest shareholder, plans to scale up lending operations to $10 billion annually, from $4.2 billion now. India’s share in the total borrowing is about 30 per cent, and is the largest borrower from the institution, said D J Pandian, AIIB vice-president and chief investment officer. With the latest loans, its India financing would be $2.9 billion.
The Mumbai Urban Transport Project (MUTP) will use the funds for quadrupling of Virar-Dahanu Road corridor of 64 kilometers to provide an extension of the suburban railway service to connect peripheral areas with Mumbai. Read More
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