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AIIB approves $160 million loan to support Indian power project

Staff Writer | May 3, 2017
The Asian Infrastructure Investment Bank (AIIB) has approved a loan of $160 million to finance a power project in India, the bank announced.
Jin Liqun
Energy   The Andhra Pradesh-24x7 Power for All project
The project, co-financed with the World Bank, is part of the Indian government's 24x7 Power for All program and will strengthen the power transmission and distribution system in the southeastern Indian state of Andhra Pradesh.

AIIB President Jin Liqun praised the multilateral development bank's close work with India, AIIB's second-largest shareholder, in energy and other infrastructure sectors.

"AIIB supports its members in their transition toward a low-carbon energy mix by promoting the improvement of energy efficiency, such as upgrading the existing transmission and distribution networks," he said.

The bank expects the Andhra Pradesh-24x7 Power for All project to be the first of many projects AIIB invests in India, said Jin.