India keen on more AIIB funds for nine projects
25 June 2018
India is keen on investments in nine more projects from the Asian Infrastructure Investment Bank, after having picked up almost 28 per cent of the bank’s total lending of $1.4 billion for seven projects?.
Union minister for ?railways, coal, finance and corporate affairs Piyush Goyal informed the media today ?on the sidelines of the third annual meeting of the Asian Infrastructure Investment Bank (A?IIB), which commenced in Mumbai today.?
Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank, headquartered in Beijing. It commenced operations in January 2016 and has 86 approved members from around the world. India is India the second-largest stakeholder in AIIB with over 8 per cent stake.
Welcoming delegates from the 86 member countries, Goyal pointed?-out that in just three short years, India has hosted three major events for international multilateral banks — the New Development Bank (NDB), African Development Bank (ADB) and now the Asian Infrastructure Investment Bank (AIIB) in quick succession.
Lauding AIIB for its robust processes, Goyal said? that it is a matter of great pride that a concept that was floated in 2014 was able to mature in six - seven months, and by 2015 "we had a multilateral development bank in place with."
?Goyal said that ?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.
He disclosed that India is the largest recipient of the $4.2-billion funds disbursed by it, which constitutes 28 per cent of its total investment so far.
Attributing robust framework and easy to navigate policies being the key reasons for the investment flow into infrastructure in the country, ?the ?union finance minister said? that? India is a sweet spot where the rule of law prevails to attract investments.”
Earlier participating in the ?Governors Seminar-I on the theme of? ‘Mobilizing Finance for Infrastructure’, the Finance ?Minister pointed?-? out that integrity of people and process would decide the investment discourse.