AIIB looks to up exposure to India
NEW DELHI: Asian Infrastructure Investment Bank (AIIB) is looking to increase its exposure to India from $12 billion to $16-17 billion over next two-three years, on the back of an increased exposure to the private sector, a senior executive said Tuesday.
"There is a massive requirement for funds to build infrastructure around the world and more so in India. Given the govt's expenditure commitments, the private sector has to step up investments in infrastructure and it can use the facilities, including funding offered by AIIB. Our funding will help catalyse private investment. AIIB is also looking to significantly ramp up its exposure to the private sector in India from the current $1.8 billion.
Commercial banks can also tap into our resources. Apart from funding we also offer constant monitoring of projects and global best practices," said AIIB vice president Ajay Bhushan Pandey.
The multilateral development agency has identified renewable energy, green mobility, and affordable housing as top focus areas. "We are also open to finance digital infrastructure like data centres, AI and digital communication.
The scope is very wide. If there are innovative projects, such as those related to AI or even semiconductors, we can work to make them more bankable and provide funding. AIIB's definition of infrastructure, apart from traditional infrastructure like energy, transport, water etc, includes health, education and digital and the scope is quite wide," said Pandey, a former finance secretary.
AIIB acts like an anchor and helps companies financed by it raise funds from other international agencies and investors. The agency is looking to increase its annual funding to all countries from around $10 billion to $17-18 billion, with half the money likely to flow to the private sector by 2030.
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