Five proposed infrastructure projects of the country will soon come up for consideration by the Beijing-based Asian Infrastructure Investment Bank (AIIB) for funding, a senior official of the bank said as per the PTI report. The bank has already cleared USD 1.07 billion for funding of five projects in the country, senior investment operations specialist of the bank Soon-sik Lee said. "Apart from the existing projects, five new initiatives have been proposed before the AIIB," Lee said at a symposium 'Mass Rapid Transport Systems for Urban Transport'.
Mumbai Metro Line 4 project, West Bengal Major Irrigation and Flood Management Project, National Investment and Infrastructure Fund, Madhya Pradesh Rural Connectivity Project and Amravati Sustainable Capital City Development Project are the proposed projects pending for consideration by the AIIB board, Lee said. Different governmental agencies in India have sought USD 1.186 billion from AIIB to part finance these projects, according to the website of the infrastructure investment bank, in which China is the largest shareholder. The largest among these is that for the Mumbai Metro Line 4, which has sought USD 500 million. The Mumbai, Amravati and Madhya Pradesh projects are scheduled to be taken up for consideration by the board later this month.
The National Investment and Infrastructure Project is scheduled for consideration in the first quarter of 2018, while the West Bengal project will come up before the board in September 2018, it said. The bank, which began operations in January 2016, has so far approved projects with total amount of USD 4.23 billion in 14 member countries, Lee said. Out of these, India has got the largest share of 1.07 billion in funding for five projects in the country, which are for metro connectivity in Bangalore, transmission system strengthening, India Infrastructure Fund, power generation in Andhra Pradesh and rural roads in Gujarat. Lee said that AIIB's third annual meeting will be held at Mumbai on June 25 and 26 where more than 80 member countries will participate.