India biggest commitment for AIIB: Official (File Photo- Twitter/PIB)
India is the biggest commitment country for the Asian Infrastructure Investment Bank (AIIB) which is interested in funding rural roads and transmission lines projects in the country, a top official of the Beijing-based multilateral development bank has said.
Yee Ean Pang, AIIB’s Director General for Investment Operations Department, also underlined the multi-lateral bank’s focus in India on development of rural roads, transmission lines and green projects among others.
“India is the largest country that we are supporting,” Pang told PTI at the ongoing Singapore International Energy Week 2018.
Describing Amaravati as a unique greenfield development, Pang said the AIIB is working with the Andhra Pradesh government on basic infrastructure and would then move on with projects such as sanitation.
The AIIB aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 87 members, including India.
The bank, which has a target capital of USD 100 billion and has grown to 87 member countries over the 2.5 years of its being formed, is also looking at financing private sector participants.
He noted the challenges of getting investment through Public Private Participation model for developments but assured, “We will be glad to support any private sector participant actively involved in Amaravati.
Pang expressed the AIIB’s interest in rural roads and transmission lines as well as environmental projects in India.
“We are committed to rural roads, because it brings access to the last village out there which is very important for India. It ensures higher productivity, higher income and gender equality, (especially for) looking after our women folks and enable them to carry out their daily tasks,” he stressed.
“We recognise there is a need for a huge amount of support in that area (rural roads),” said Pang, underlining AIIB’s project-based focus.
Though a China-initiative for funding infrastructure development in Asia, the AIIB has grown to be “truly multilateral” institution which raises private sector investments to fund projects, Pang stressed.
The bank was proposed by China in 2013 and the initiative was launched at a ceremony in Beijing in October 2014.
The bank has to date has financed over $6 billion worth of 32 projects, over 40 per cent of which are in the energy sector.