China-sponsored Asian Infrastructure Investment Bank (AIIB) has recently approved USD 160 million loan for a power project in Andhra Pradesh, the first credit from the bank for an Indian project. The AIIB, in which India is the second largest shareholder after China, has approved the project with the objective to strengthen the power transmission and distribution system in Andhra Pradesh.
The ‘24×7 Power for All’ project is part of Government of India’s ‘Power for All programme’ 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.
Important Takeaways from above News for Dena Bank PO Exam-
- AIIB has approved $160 mn for Andhra Pradesh power project
- This is the first credit from this bank for an Indian project
- Mr. Jin Liqun is the President of AIIB
- Head Office of AIIB is in Beijing, China.
If you have any other takeaways, do share with us in the comment section
Source- Business Line