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AIIB expects investment worth USD 100m in India’s renewable projects
Economy

AIIB expects investment worth USD 100m in India’s renewable projects

Agency News

Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) expects an annual private investment worth USD 100 million a year in solar and wind projects in India from next month.

AIIB expects to tap as much as USD 100 million green and renewable projects in India from next month, bank’s Director General (Investment Operations) Pang Yee Ean said.

In a month’s time, you will see approval of projects in the Renewable Energy sector (in India), said Pang after addressing the South Asian Diaspora Convention on Saturday.

Pang also expected the private investments in renewable energy sector in India as foreign direct investment, relieving the Indian government of project financing challenges on the sideline of the convention organised by the Institute of South Asian Studies from November 15 to 17.

Conceding that AIIB was a “late boomer” in the renewable energy sector, Pang sought to assure that in coming years, more can be expected from the bank, which has till date invested USD 2.844 billion in Indian projects.

AIIB’s big ticket investments include USD 500 million in Mumbai Urban Transport Project 3, USD 455 million in Andhra Pradesh Rural Roads Project and USD 450 million in AP Urban Water Supply Project.