Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) has allocated $570 million to help develop the infrastructure of Mumbai, taking its total investments in India to $2.9 billion. The multilateral development bank has so far invested in 13 projects in India since it started operations in 2016.

“Over the past four years, AIIB’s investments in India have grown exponentially,” said D.J. Pandian, vice president and chief investment officer, AIIB. “This is a clear sign of our valuable partnership. AIIB will continue aligning its commitments with the government’s priorities, with the bank serving as a catalyst to India’s continued development,” he added.

AIIB has provided the $500-million loan to the government to fast-track the construction of a suburban rail network in Mumbai—the country‘s financial capital. “The funds will contribute to a quadrupling of the Virar-Dahanu Road corridor to provide an extension of the suburban railway service to connect peripheral areas with Mumbai. The project will also see the construction of a new suburban railway corridor between Panvel and Karjat localities, to cater to commuters in the area under rapid urbanisation and population growth,” AIIB said.

The bank has also sanctioned a $75-million loan to Tata Cleantech Capital which invests in renewable energy, power transmission, and water infrastructure projects in the country. “The project will increase the provision of affordable and clean power, reduce greenhouse emissions, and expand the power network’s reach and capacity. Under the Paris Agreement, the Government of India plans to reduce the country’s carbon intensity by 30%-35% of 2005 levels,” AIIB notes.

AIIB has 75 member countries and assets under management worth $10 billion across 53 projects. India owns 7.5% stake in AIIB and is the bank’s second-largest shareholder after China (20.06%).

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