Finance Minister Arun Jaitley Participated in the First Annual General Meeting of Asian Infrastructure Investment Bank to discuss about the investment in Infrastructure and accorded the approval to establish the Regional Office of AIIB in New Delhi.
Finance Minister is on five day visit to China to discuss bilateral economic cooperation
Main Features:
- Demand for investment in Infrastructure and estimated that $ 2 billion to $ 3 billion for funding in the fields of Urban Development & Smart Cities, Energy, Urban Transport, Railways, Inland Waterways and Water Supply
- Accorded the approval in establishment of a Regional Office in New Delhi
Venue: Beijing, China
Statements by Finance Minister:
- India has undertaken reforms in Foreign Direct Investment and initiated huge investments in rural infrastructure, national highway, inland waterways, shipping, power sector and smart cities
- India continues to maintain a high growth rate at 6% in 2015-16 compared to 7.2% in 2014-15
- He urged AIIB to fund to infrastructure projects and to resolve the financial gab
- Demanded for investment in infrastructure and funding in the fields of Urban Development & Smart Citites, Energy, Urban Transport, Railways, Inland Waterways and Water Supply
- Awarded support to establish office in New Delhi to speed up the process effectively
- To develop, monitor and implement the projects
Asian Infrastructure Investment Bank approved first loans for projects in four countries
Asian Infrastructure Investment Bank approved first loans for projects in Four Countries such as Pakistan, Bangladesh, Indonesia and Tajikstan
Total Loan Allocated: $509 Million
The allocation of loans were approved in Board Directors meeting held in Beijing
Bangladesh
Loan Allocated: $165 million
Purpose: Power Distribution System Upgrade and Expansion Project
Indonesia
Loan Allocated: $216.5 million (Co-financed with the World Bank)
Purpose: National Slum Upgrading Project
Pakistan
Loan Allocated: $100 million (Co-financed with the Asian Development Bank & United Kingdom’s Department for International Development (DFID)
Purpose: Shorkot-Khanewal Section of National Motorway M-4
Tajikistan
Loan Allocated: $27.5 million (Co-financed with the European Bank for Reconstruction and Development (EBRD))
Purpose: Dushanbe-Uzbekistan Border Road Improvement Project
About Asian Infrastructure Investment Bank
- Headquarters Beijing, China
- President Jin Liqun
- Formation 16 January 2016
Aim: Support the building of infrastructure in the Asia-Pacific region
India is the second largest shareholder in the bank after China.
% of Shareholding in AIIB :
- China: 26.6%
- India: 7.5%
- Russia: 5.93%
- Germany: 4.5%