Beijing, China, September 28, 2018
Rural Population of Andhra Pradesh, India to Benefit from New Investment
More than two million people living in rural areas of Andhra Pradesh, India, stand to benefit from an improved road network connecting them with markets, schools and other services after approval was provided by the Board of Directors of the Asian Infrastructure Investment Bank (AIIB) for a USD455-million loan. This project brings AIIB’s total commitments in India to USD1.769 billion.
The project aims to construct and upgrade more than 6,000 km of all-weather roads connecting around 3,300 rural habitations in Andhra Pradesh. In addition to improving transport links to facilitate the delivery of agricultural and farm goods to markets, all-weather connectivity is also expected to result in better health and education outcomes. School attendance rates, especially among girls, are expected to improve.
"By integrating the rural population with the rest of the state and markets, the project will extend economic development to the state as a whole," said AIIB Vice President and Chief Investment Officer D.J. Pandian. “This is AIIB’s third investment to improve rural roads in India because they align well with the Sustainable Development Goals and the Government of India’s priorities."
"Our investment will help build the institutional capacity of the implementing agency in Andhra Pradesh by tailoring specific training programs and workshops to learn best international practices in rural road operations and maintenance," said AIIB Director General of Investment Operations Supee Teravaninthorn. "Meanwhile, the project will further strengthen AIIB’s capacity to finance similar sustainable road infrastructure projects, which are in high demand in other areas of India and in the region."
Additional information and the project’s Environmental and Social Management Plan can be found at here.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, we began operations in January 2016 and have now grown to 87 approved members worldwide. By investing in sustainable infrastructure and other productive sectors in Asia and beyond, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.
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