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  1. AIIB will invest $200 million into NIIF for infra projects in India, says Economic Affairs Secretary

AIIB will invest $200 million into NIIF for infra projects in India, says Economic Affairs Secretary

The latest annual meeting of AIIB will be used to learn from ideas and experiences of people from India to help shape the ideas and policies of the bank.

By: | Updated: June 24, 2018 5:16 PM
Asian Infrastructure Investment Bank, AIIB, belt and road initiative, china, china driven, economy India will be hosting the third annual meeting of the Asian Infrastructure Investment Bank (AIIB) at Mumbai, in June this year.

The latest annual meeting of AIIB will be used to learn from ideas and experiences of people from India to help shape the ideas and policies of the bank. I hope over the next two and a half days, the event will help develop ideas for the bank, Danny Alexander, Vice President & Corporate Secretary, AIIB said on Sunday. Subhash Chandra Garg, DEA and Danny Alexander, Vice President & Corporate Secretary, AIIB jointly addressed a press conference today in Mumbai regarding forthcoming third annual meeting of AIIB scheduled to be held in Mumbai on 25 and 26, June.

India is an active participant in the founding of the bank and it is entirely appropriate that we are here for the third meet, said Danny Alexander. Lean, clean and green is the way we work and we invest in sustainable infrastructure to enrich lives of people, he also said. We want to use this annual meeting of AIIB to learn from ideas and experiences of people from India to help shape the ideas and policies of the bank, he further said.

“Today the AIIB board is approving a project… They are investing $100 now and $100 million in the time to come. The $200-million will flow into the NIIF (National Investment & Infrastructure Fund) that we have set up,” PTI reported citing Economic Affairs Secreatry, Subhash Garg said.

The AIIB mega event will see the participation of 86 member countries. Prime Minister Narendra Modi will also address the third AIIB conclave in Mumbai.

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 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.

The first AIIB Annual Meeting of the Board of Governors was held in Beijing, China in 2016. The second Annual Meeting of the Board of Governors was held in Jeju, Republic of Korea in 2017.

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