INSUBCONTINENT EXCLUSIVE:
Mumbai: The Asian Infrastructure Investment Bank (AIIB) has approved an investment of $575 million in suburban railways and renewable energy
sector, taking to its total commitment in India to nearly $3 billion.
It will extend a long-term project loan to Mumbai Urban Transport
with a tenor of 20-25 years, said Pandian.
AIIB has tied up with Mumbai Urban Transport Project, which is involved with developing the
The dollar-denominated funds will contribute to a quadrupling of the Virar-Dahanu Road corridor (64 kms) which will provide an extension of
the suburban railway service to connect with peripheral areas of Mumbai.
The project will also involve the construction of a new suburban
invest in Indian projects of up to $3-4 billion a year, which would be 30-40% of its total disposable approved sum.
Besides the latest
development bank began operations in January 2016.AIIB has so far financed $2.9 billion in India, and contributed to 13 projects in the