The Asian Infrastructure Investment Bank (AIIB) will provide loan assistance of USD 356.67 million(~Rs.2.65 lakh Crore) for the expansion of Chennai Metro Rail system, Tamil Nadu (TN), India. With this Investment, AIIB has invested a total of USD 6.7 billion making India its largest beneficiary.
Chennai Metro Rail Project:
i.AIIB will invest in the phase 2 of the project that involves construction of a new corridor in Chennai’s Metro Network.The project is aligned with AIIB’s mandate to support high-quality and sustainable infrastructure.
ii.It will promote integrated economic and transport sector growth in Chennai. It will also reduce greenhouse gas (GHG) emissions which further led to reducing carbon footprint
iii.The metro project will span from Lighthouse in the east to Poonamallee Bypass in the west to ensure seamless multimodal transport across Chennai by providing integrated access to suburban rail, bus stations and the city’s main airport.
iv.The station will be equipped with rooftop solar panels, which promotes green economic growth in the city. The project also integrates climate change resilience features to reduce its vulnerability to climate-related events.
AIIB investments & projects in India
i.India is the second largest shareholder with 7.5 % of voting rights after China with 26.06 % voting rights and also its largest beneficiary in terms of getting approval for many projects.
ii.The energy and transport sectors received the highest amount of financing from AIIB
iii.The bank has approved loan assistance to 28 projects in India of USD 6.7 billion. AIIB has granted USD 1.75 billion as an aid assistance during the time of COVID-19 crises.
iv.Various projects-AIIB major Infra projects for India included USD 335 million for Bangalore metro, USD 400 million for Andhra Pradesh Urban Water project, USD 105 million for Kerala Solid Waste Management, USD 125 million for Resilient Kerala, USD 500 million for Mumbai Urban Transport Project-3 and USD 500 million for Delhi Meerut Rapid Transport system.
About Asian Infrastructure Investment Bank (AIIB)
Headquarters- Beijing, China
Member – 103 members ( 2021)
Commenced Operation- 2016
President- Jin Liqun