Beijing, China, May 03, 2017
AIIB Approves First Loan to India for $160 million to Support Power Sector
The Bank’s first project in India backs Power for All program
The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) approved a loan of US$160 million in support of the Andhra Pradesh – 24x7 Power for All project in the Republic of India with the objective to strengthen the power transmission and distribution system in the State of Andhra Pradesh.
The Project is part of the Government of India’s Power for All program that was launched in 2014 to provide an efficient, reliable and affordable electricity supply to all consumers across selected states within five years from the start of implementation of the program in each state. Andhra Pradesh is one of the first states selected for the rollout of the Power for All program.
Jin Liqun, President of AIIB, noted that "AIIB supports its members in their transition towards a low-carbon energy mix by promoting the improvement of energy efficiency, such as upgrading the existing transmission and distribution networks. I am delighted that AIIB is working closely with India, who is our second largest shareholder, in energy and other infrastructure sectors, and we expect the Andhra Pradesh – 24x7 Power for All project to be the first of many projects AIIB invests in India."
"The Power for All program in Andhra Pradesh will be the starting point for AIIB to extend its assistance to other countries in Asia moving towards an ‘Energy for all’ initiatives, "said D.J. Pandian, Vice President and Chief Investment Officer, AIIB. "This aligns well with AIIB’s mandate to promote economic development in Asia by helping build reliable and stable energy distribution systems."
The project aims to support the implementation of the 24x7 Power for All plan in the State of Andhra Pradesh by strengthening the transmission and distribution network, increasing network capacity, improving system reliability and supporting operational reforms to improve the commercial performance of the state’s distribution companies. It will directly contribute to the economic development of the State of Andhra Pradesh and India by increasing delivery of reliable, grid-based electricity to households, business and the agricultural sector. The project is co-financed with the World Bank.
Additional details on this project and upcoming projects may be found at www.aiib.org/en/projects.
About AIIB
AIIB is a new multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia. Headquartered in Beijing, AIIB commenced its operation in January 2016 and has now grown to 70 approved members from all over the world. Its mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.
More News Articles
Beijing, February 01, 2023
AIIB Launches Inaugural Euro Commercial Paper Program
The Asian Infrastructure Investment Bank (AIIB) is launching its inaugural USD5-billion multicurrency Euro Commercial Paper (AIIB ECP) program in February 2023. The program expands AIIB’s short-term funding options and demonstrates the Bank’s agility in meeting investors’ demand for sustainable investment through high-quality debt capital market issuance programs.
READ MOREBeijing, January 09, 2023
AIIB Welcomes Mauritania as New Prospective Member
The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has approved Mauritania’s application, raising the Bank’s approved membership to 106. Mauritania is now AIIB’s 55th nonregional member, 21 of which are from Africa.
READ MOREBeijing, December 30, 2022
AIIB Extends EUR250M to Support Egypt’s Green Public Transportation
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a EUR250-million loan to Egypt for the Alexandria-Abou Qir Metro Line Project. Aiming to increase access to efficient, safe and low-carbon public transportation in the city of Alexandria, the project will upgrade and electrify the existing Alexandria-Abou Qir line. Twenty metro stations along the 22-kilometer corridor will be modernized, 13 stations and 16 kilometers of which will be elevated.
READ MOREBeijing, December 12, 2022
AIIB Reinforces Commitment to Support Members’ Clean Energy Solutions
The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) has approved an update to the Bank’s Energy Sector Strategy on Nov. 22, 2022. Under the updated Energy Sector Strategy, AIIB will focus its energy investments on supporting its Members to achieve their long-term climate goals and net-zero/carbon neutrality commitments and to accelerate the just transition towards secure, affordable, and sustainable energy access for all.
READ MORE