AIIB, ADB approves $100 million loan for India’s power sector
China-led AIIB and multilateral funding agency ADB will co-finance a $100-million loan for India to improve power transmission network and expand the use of solar and wind energy, state media reported today.
The loan, approved by the Board of Directors of the Beijing-headquartered Asian Infrastructure Investment Bank (AIIB), involves co-financing of $50 million from the Manila-based Asian Development Bank (ADB), state-run Xinhua news agency reported today.
This was the fourth co-financing made by the AIIB and the ADB, two major multilateral development banks in Asia. India is the second largest shareholder in the AIIB. The bank has an authorised capital of USD 100 billion.