Asian Infrastructure Investment Bank (AIIB) has planned to help India improve its power transmission network and expand the use of solar and wind energy with a loan of US$100 million.
The loan approved by the Board of Directors of AIIB involves co-financing of 50 million U.S. dollars from the Asian Development Bank.
This was the fourth co-financing made by AIIB and ADB, two major multilateral development banks in Asia.
Since AIIB commenced its operations in 2016, the two sides have co-financed four projects, including the M4 expressway in Pakistan with 100 million U.S. dollars from each bank.
The second is a natural gas production and transmission project in Bangladesh, with an aggregate financing of 227 million U.S. dollars, including 167 million U.S. dollars from AIIB.
The third relates to a highway round the port city Batumi, the second largest city of Georgia, with 114 million U.S. dollars provided by each bank.