With the extensive surge in building projects all over the nation, India has now become the prime destination for project funding from the Asian Infrastructure Investment Bank (AIIB),” announced a senior official from the bank on Wednesday. Emphasizing that they’re in talks about funding numerous fresh infrastructure ventures for the coming year, Rajat Misra, the Director General for South Asia at AIIB, stated, “Our support to India will keep expanding in tandem with the bank’s increasing capacity.”
During a chat at the Singapore International Energy Week, Misra, a representative of the Asian Infrastructure Investment Bank (AIIB), shared some impressive numbers. Since its inception in December 2015, AIIB has generously supported key Indian infrastructure ventures with a whopping USD 10 billion! That’s over 20% of AIIB’s total funding for such projects worldwide. Just this year, the bank has extended a helping hand with over USD 1.3 billion for Indian initiatives. This includes a substantial USD 438 million for the Chennai Metro Rail Phase 2 Project (Balance Corridor 5) and USD 250 million for the Second Dam Rehabilitation and Improvement Project.
Misra emphasized the thoroughness of their evaluation process, assuring that each project undergoes a rigorous due diligence to ensure its feasibility and success.
It’s interesting to note that after India, the AIIB has identified China, Turkey, Indonesia, and Bangladesh as their other top beneficiaries when it comes to lending support for critical projects.
