The Asia Infra and Investment Bank (AIIB) has agreed to loan Rs 13,000 crores ($2 Bln) to Andhra Pradesh for five projects proposed in the State. On Tuesday, Bank’s Vice President and Chief Investment Officer Dr DJ Pandian and his team met the Chief Secretary Dinesh Kumar.
AIIB would loan to two projects of Roads & Buildings, each one project to Rural Water Supply, Panchayatraj, Municipality and Urban Development Departments. The State Government has submitted proposals of five projects for external loans. In turn, Government of India has forwarded those proposals to AIIB, The Bank’s Technical Team has met Chief Secretary and discussed about the proposed projects and further process.
The Chief Secretary has promised transparent support and directed Finance Secretary Ravichandra to take care of the things. The MAUD Principal Secretary Karikal Valavan also participated in the meeting. AIIB also met Chief Minister Chandra Babu Naidu after meeting Chief Secretary Dineshkumar. CM thanked them for sanctioning loan.