AIIB approves USD 150 million loans for Chennai Metropolitan Area project; hails leadership of PM Modi for India’s infrastructure push

By Jessica On Nov 20, 2021

AIIB approves USD 150 million loans for Chennai Metropolitan Area project; hails leadership of PM Modi for India’s infrastructure push

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The Asian Infrastructure Investment Bank (AIIB) has approved USD 150 million loans to the Government of India for implementation of the Sustainable Urban services program for the Chennai metropolitan area (CMA). AIIB Vice President (Investment Operations), Dr. D.J. Pandian while speaking exclusively to Prasar Bharati Special Correspondent in Beijing said that India is the largest beneficiary of AIIB and the bank has so far approved 29 projects for India worth 6.8 billion USD.

The energy and transport sectors have received the highest amount of AIIB’s financing. Dr. Pandian told that another 27 projects worth 5 billion USD are in pipeline for India including Haryana Orbital Railway project which will be a circular railway to national capital Delhi, multi corridor transport project in Mumbai and digital education project in Gujarat. He further informed that AIIB has given 1.75 billion USD support to India in three projects to assist in fight against COVID-19.

Fourth project is co-financed with Asian development Bank for procurement of COVID-19 vaccines in which the AIIB will support with 500 million USD. It is expected to get approved in December. Earlier, AIIB in September approved a USD 356.67 million loan for the construction of a new corridor in Chennai’s metro network as part of Chennai Metro Rail Phase 2. The Chennai Metropolitan Area (CMA) is home to around 11 million people and one of the fastest growing metropolitan areas in Asia with its growing economic significance in India.

Dr. Pandian hailed the leadership of Prime Minister Narendra Modi for India’s infrastructure push. He said, AIIB is committed to strengthening the infrastructure in India. Th bank will work with the Indian government very closely to spread infrastructure development across the country

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