Asian Infrastructure Investment Bank (AIIB) has just sanctioned its biggest ever Loan to any Indian State. Andhra Pradesh is the beneficiary and it has got 160 Million Dollars for Power Project in the State with the objective to strengthen the power transmission and distribution system in Andhra Pradesh.
The loan is for 24X7 Power for All project of Andhra Pradesh which is part of Government of India’s ‘Power for All program’ that was launched in 2014 to provide an efficient, reliable and affordable electricity to all consumers across selected states within five years from the start of implementation.
AIIB opened for business last year with 57 founding members and authorized capital of $100 billion. China is the largest shareholder with 26.06 percent voting shares. India is the second largest shareholder with 7.5 per cent followed by Russia with 5.93 percent and Germany 4.5 percent.