Latest news with #AsianInfrastructureInvestmentBank
Time of India
4 hours ago
- Business
- Time of India
Maharashtra seeks AIIB support for $1 trillion economy goal
Infrastructure, water projects and clean energy Advt Urban transport and connectivity By , ETInfra Maharashtra Chief Minister Devendra Fadnavis on Thursday sought support from the Asian Infrastructure Investment Bank (AIIB) for the state's economic and infrastructure plans, which are aligned with India's broader aim of becoming a $5 trillion economy. Fadnavis said Maharashtra is progressing towards its own target of becoming a $1 trillion economy According to PTI, the chief minister met Ajay Kumar Pandey, Vice President of Investment Solutions at AIIB, and outlined the state's strategy for economic growth and infrastructure development . He said Maharashtra is preparing a roadmap to become a developed state by 2047 and described a phased plan involving short-, medium-, and long-term to Fadnavis, nine projects from Maharashtra have been submitted to NITI Aayog and the Union Finance Ministry, with financial support being sought particularly for river-linking initiatives and pump storage schemes. He said five river-linking projects , including the Wainganga-Nalaganga-Painaganga and Damanganga-Godavari schemes, are under progress. The latter is intended to divert water to the Marathwada added that Maharashtra aims to generate 100,000 MW of renewable energy through pump storage systems , and noted private sector interest in these initiatives. The state plans to connect private developers with AIIB to scale up the government is also installing 300,000 to 400,000 solar irrigation pumps each year under an ongoing programme. Fadnavis claimed these efforts have been adopted as models by other also referred to current and planned urban transport infrastructure, including metro rail projects, underground roads, and coastal in response, shared AIIB's ongoing investment work globally and assured continued support for Maharashtra's development AIIB has previously funded projects in India, including metro rail systems and renewable energy infrastructure. Maharashtra has been among the more active states in leveraging multilateral funding for urban development and energy transition projects. The state has also been engaging with central agencies to align its long-term plans with national targets for growth and sustainability.
Economic Times
2 days ago
- Business
- Economic Times
AIIB building a robust pipeline of Indian projects to fund: Vice-president Pandey
Synopsis 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 focussing on sectors, including clean energy, green mobility, affordable housing, data centre and other digital infrastructure, he 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 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 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 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 focusPandey and his team are meeting various government functionaries and private players during their India 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 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 will meet Maharashtra chief minister Devendra Fadnavis and senior state officials to discuss infrastructure projects in both public and private sectors.
Time of India
3 days ago
- Business
- Time of India
Building a Robust Pipeline of Indian Projects to Fund: AIIB
New Delhi: 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 focus Pandey and his team are meeting various government functionaries and private players during their India visit. The AIIB, Pandey said, will work with various ministries to create a very sound pipeline of sovereign projects. "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.
Time of India
3 days ago
- Business
- Time of India
AIIB looks to up exposure to India
The Asian Infrastructure Investment Bank (AIIB) plans to increase its investment exposure in India from $12 billion to $16-17 billion over the next two to three years. This expansion is driven by a focus on private sector projects, particularly in renewable energy, green mobility, and affordable housing. 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. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Mint
3 days ago
- Business
- Mint
AIIB in talks with India on sovereign infrastructure project pipeline
New Delhi: Beijing-based Asian Infrastructure Investment Bank (AIIB), in which India is the second largest shareholder after China, is holding discussions with the Central and state governments as well as Indian industry to finance a robust pipeline of sovereign and private sector projects, AIIB vice president Ajay Bhushan Pandey said on Tuesday. The development bank is working towards stepping up annual project financing from about $10 billion last fiscal to $17 billion over the next few years. Pandey, who is on a visit to India, said AIIB finances projects not only in traditional infrastructure, but also in digital public infrastructure, data centres, digital communication, affordable housing, health and education. AIIB already has deployed $12 billion in India, of which $1.8 billion is in the private sector. It has a loan book of about $60 billion and is aiming to step this up. 'We will closely engage with government of India, the state governments and the private sector in India,' Pandey, who had previously served as India's finance secretary and as the chairperson of audit regulator National Financial Reporting Authority (NFRA), told reporters on the sidelines of an interaction with industry leaders organized by the Federation of Indian Chambers of Commerce and Industry (FICCI). 'We will work with all line-ministries to create a very sound pipeline of sovereign projects. 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". Pandey explained that AIIB's message to the Central ministries and state governments is this, 'This is your bank and you must make optimum use of the resources available.' 'Yesterday we had a detailed meeting with the secretary, Department of Economic Affairs, and secretary, Department of Water Resources, River Development and Ganga Rejuvenation on the water sector, including revival of many dams, the Namami Gange project and the inter-linking of rivers. We are going to have discussions with the ministries of health and power and then with the Honourable chief minister Maharashtra and state officials to discuss building a pipeline of infrastructure projects both in public andprivatesector,' said Pandey. Besides China and India, the other leading shareholders in the banks set up a decade ago are Russia, Germany and South Korea. The multilateral bank with 110 member-nations is making a strong foray into development financing as emerging economies need to invest heavily for development, especially to transition to less-carbon intensive economies. According to a Deloitte India report released earlier this month, titled 'The climate response: Tapping into India's climate and energy transition opportunity,'India would require a $1.5-trillion investment by 2030 across key areas to address the climate challenge at scale. The investments will be driven by India's efforts towards renewable energy, biofuels, decarbonization and sustainable infrastructure to combat climate change, the report said. In 2021, India committed to achieving net zero emission by 2070.
