AIIB approves $160 million loan to support Indian power projectStaff 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.
Energy The Andhra Pradesh-24x7 Power for All project
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. ■