AIIB to invest $200-mn in NIIF to boost infra projects

The Indian Express, Mumbai, June 25, 2018

The Asian Infrastructure Investment Bank (AIIB) has approved an investment of $200 million in the National Investment & Infrastructure Fund (NIIF) to give a greater momentum to mega infrastructure projects.
Finance Minister Piyush Goyal said: “I had a meeting with the president of AIIB, and he expressed satisfaction that India has shown a lot of enthusiasm, and put up very good proposals. I was also given the good news that today the AIIB Board has approved an investment in the NIIF, the first tranche of $100 million got approved today, which will be followed by a similar tranche.”
Goyal added: “AIIB board has expressed satisfaction over the proposals put forward by India for infrastructure financing.” While stating that AIIB has matured as a robust infrastructure financier almost at par with any global bank, Goyal said, “Mumbai, which is the financial capital of India, is poised to become the infrastructure capital.”
The AIIB with 83 member nations operates and invests in sustainable infrastructure. AIIB vice-president Danny Alexander said: “The thrust is to support any project which comply to zero corruption, absolute accountability and environment concerns which are our defined policies.”
Indicating that India was the second largest shareholder, Alexander said, “India is an important member and also the largest recipient of funds for projects.” The AIIB, which was set up in 2016, has approved $4.4 billion investments in 25 projects. Of which investment of $1.2 billion were for six infrastructure projects in India. More projects with higher investments are in the pipeline.
“The AIIB is an a political institution. It is interested in transport, energy, water and waste management which relate to social requirement of people,” Alexander said, adding that Egypt is the only country outside Asian nations which has been provided financial support for projects.
Commenting on the third AIIB meeting, he observed, “The third annual meeting would help us to learn from ideas and experiences of people from India and help shape the policies of the bank.” Earlier, Economic Affairs Secretary SC Garg said, “The AIIB is an important vehicle to multiply investments in infrastructure. There would be leverage of 10 to 12 times on original investment resulting up to $2.4 billion.”
On Mumbai-specific projects, Garg said, “A proposal has been put up before AIIB for $475 million for the Mumbai Urban Transport Project. The proposal has been approved in principle.” The two-day AIIB meeting will commence on Monday with a series of interactive sessions. Prime Minister Narendra Modi will address the AIIB meet on Tuesday.

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