Asian Infrastructure Investment Bank (AIIB) expects to tap as much as USD 100 million in green and renewable projects in India, from December 2019, the bank’s director general (investment operations), Pang Yee Ean said. “In a month’s time, you will see approval of projects in the renewable energy sector (in India),” said Pang after addressing the South Asian Diaspora Convention, on November 16, 2019. “We should be consistently doing wind and solar projects up to USD 100 million each year. I would say each year there would be a USD 100 million in the private sector for renewable projects. More importantly, some of these projects are by the private sector,” he said, underlining the importance of private investment to build resilience in infrastructure development.
Pang also expected the private investments in renewable energy sector in India as foreign direct investment, relieving the Indian government of project financing challenges. There will always be a steady stock of projects in infrastructure – roads, rural connectivity, water supply and sanitation among others, he emphasised. AIIB’s big-ticket investments include USD 500 million in the Mumbai Urban Transport Project 3, USD 455 million in Andhra Pradesh Rural Roads Project and USD 450 million in AP Urban Water Supply Project.
Five infrastructure projects to come up for AIIB consideration
Five proposed infrastructure projects of the country will soon come up for consideration by the Beijing-based Asian Infrastructure Investment Bank (AIIB) for funding, a senior official of the bank has said
March 14, 2018: Apart from the existing projects, five new initiatives have been proposed before the Asian Infrastructure Investment Bank (AIIB) for funding, senior investment operations specialist of the bank Soon-sik Lee said, at a symposium ‘Mass Rapid Transport Systems for Urban Transport’.
These projects are the Mumbai Metro Line 4, West Bengal Major Irrigation and Flood Management Project, National Investment and Infrastructure Fund, Madhya Pradesh Rural Connectivity Project and Amravati Sustainable Capital City Development Project.
The bank has already cleared USD 1.07 billion for funding of five projects in the country, Lee said. Different governmental agencies in India have sought USD 1.186 billion from the AIIB, to part-finance these projects, according to the website of the infrastructure investment bank, in which China is the largest shareholder.
The largest among these is that for the Mumbai Metro Line 4, which has sought USD 500 million. The Mumbai, Amravati and Madhya Pradesh projects are scheduled to be taken up for consideration by the board later this month. The National Investment and Infrastructure Project is scheduled for consideration in the first quarter of 2018, while the West Bengal project will come up before the board in September 2018, it said.
The bank, which began operations in January 2016, has so far approved projects with total amount of USD 4.23 billion in 14 member countries, Lee said. Out of these, India has got the largest share of 1.07 billion in funding for five projects in the country, which are for metro connectivity in Bengaluru, transmission system strengthening, India Infrastructure Fund, power generation in Andhra Pradesh and rural roads in Gujarat.
Lee said that AIIB’s third annual meeting will be held at Mumbai on June 25 and 26, 2018, where more than 80 member countries will participate.