AIIB building a robust pipeline of Indian projects to fund: Vice-president Pandey
The Asian Infrastructure Investment Bank (AIIB) aims to expand its presence in India by increasing funding for both sovereign and private sector projects, particularly in clean energy, green mobility, and digital infrastructure. India is currently the largest recipient of AIIB funds, and the bank plans to increase its overall annual financing target, providing more opportunities for Indian projects.
Agencies
The AIIB has 110 members. India is the second-biggest shareholder with a 7.57% voting share in the multilateral bank, trailing China that has 26.52%.
The Asian Infrastructure Investment Bank (AIIB) is looking to expand its India footprint and widen its pipeline of both sovereign and private sector projects to fund, said Ajay Bhushan Pandey, vice president (investment solutions) at the Beijing-based multilateral lender.It's focussing on sectors, including clean energy, green mobility, affordable housing, data centre and other digital infrastructure, he said.India is the largest recipient of AIIB funds and accounts for a fifth of the lender's $60 billion financing since inception nine years ago, Pandey said. Of the $12 billion that Indian projects have received so far, the private sector's share stands at $1.8 billion, he added.The lender, Pandey said, aims to expand its overall annual financing target to about $17 billion in 3-4 years from $10 billion now. This will leave greater funding space for India and other countries.The AIIB has 110 members. India is the second-biggest shareholder with a 7.57% voting share in the multilateral bank, trailing China that has 26.52%.
AIIB is willing to play its role not just as a financier but also as a catalyst for governments and private players to raise funds using the backing of the multilateral bank that has an AAA rating.Plus, its participation in a project, including the private ones, can potentially encourage other lenders and investors to join in, significantly bolstering the availability of finances for the project.India focusPandey and his team are meeting various government functionaries and private players during their India visit.The AIIB will work with various ministries to create a very sound pipeline of sovereign projects, Pandey said. 'Similarly, we will work with private sector players to create the pipeline of the projects where we can finance through all the options that are available," he added.Pandey is scheduled to meet senior officials from the ministry of health later on Tuesday and those from the power ministry on Wednesday. He huddled with the water resources secretary on Monday and a number of issues, including the revival of dams, interlinking of rivers and the Namami Gange programme (meant for curbing pollution and rejuvenating the Ganga), were discussed.He will meet Maharashtra chief minister Devendra Fadnavis and senior state officials to discuss infrastructure projects in both public and private sectors.
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