AIIB focuses on rural India

India is looking forward to investments in 9 more projects from Asian Infrastructure Investment Bank (AIIB) after having picked up almost 28% of the bank’s total lending so far of US$1.4 billion for 7 projects, said Finance Minister Piyush Goyal.

AIIB has focused its investment in India on lending to rural infrastructure, energy and power, environmental protection, transportation and telecommunication, water supply and sanitation and urban development and logistics.

“It is a matter of great pride that a concept (of AIIB) that was floated in 2014 was able to mature in 6-7 months, and by 2015 we had a Multilateral Development Bank in place with India being the second largest stakeholder with over 8% stake,” Goyal pointed out.

India is the largest recipient of the US$4.2 billion funds disbursed by AIIB, he said at a press conference held at the ongoing AIIB’s third annual meeting in Mumbai on 25 June 2018. fiinews.com