AIIB conclave: Under Modi, India gears up to shape lean, green, clean Asia

By: | Updated: June 23, 2018 5:14 PM

The third annual AIIB conclave will begin on Monday. The mega event will see the participation of 86 member countries.

pm modi, narendra modi, pm modi development project, madhya pradesh development project, indore sutra seva, swachh sarvekeksha, cleanliness surveyThe third annual AIIB conclave will begin on Monday. (PTI)

The third annual AIIB conclave will begin on Monday. The mega event will see the participation of 86 member countries. “86 Member countries of Asian Infrastructure Investment Bank (AIIB) will shape a lean, green and clean future for Asia during the two day 3rd AIIB Annual Meeting being held on 25th & 26th June, 2018 in Mumbai,” Finance Ministry tweeted. Prime Minister Narendra Modi will address the third AIIB conclave in Mumbai.

AIIB conclave will provide an impetus to infrastructure through investments integral to development of Maharashtra and India, The Indian Express reported citing Maharashtra Chief Minister Devendra Fadnavis said on Friday.

Delegates from various Asian countries representing the government and private companies, besides experts, will participate in the two-day conclave. ‘Mobilizing Finance for Infrastructure: Innovation and Collaboration’ will be the theme of the event where experts will share their experience and discuss the future.

The bank with 100 billion dollars deposit provides long-term loans at low interest rates. AIIB has sanctioned 1.2 billion dollars for six infrastructure projects in India. Moreover, projects worth 1.9 billion dollars are under consideration.

The CM also said, “We look forward to attract higher investments and expedite big infrastructure projects.” He said, “About 50 trillion rupees (777.73 billion dollars) is the required investment for infrastructure in India by 2022.”

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 64 member states while another 22 are prospective members for a total of 86 approved members and was proposed as an initiative by the government of China.

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