The Asian Infrastructure Investment Bank (AIIB) has ramped up its investments in India with total in-country financing now standing at $2.9 billion.
Two of its most recent projects — approved by AIIB’s board of directors in October totaling $575 million — are expected to ease congestion in the country’s financial hub and boost private capital investment in renewable energy, power transmission and water infrastructure.
A loan of $500 million granted to the government of India is expected to fast-track work on Mumbai’s suburban railway network, improving the safety and daily commute of millions of passengers across the city. The funds will contribute to a quadrupling of the 64-kilometer (40-mile) Virar-Dahanu Road corridor to provide an extension of the suburban railway service to connect peripheral areas with Mumbai. The project will also see the construction of a new 28-kilometer (17-mile) suburban railway corridor between Panvel and Karjat localities to cate