AIIB approves project worth $455m in India

BEIJING, Oct 08 (Xinhua): The Asian Infrastructure Investment Bank (AIIB) has recently approved a 455-million-US dollar loan project for Andhra Pradesh, India, making it the eighth project approved by AIIB in India.

The new loan project aims to build and upgrade the road network of Andhra Pradesh. The road network is about 6,000 kilometres long and connects more than 3,300 rural settlements.

After the completion of the project, it will bring convenience to more than two million local people, improve the transportation conditions of agricultural products, and increase the enrollment rate of local children.

According to the data of AIIB, with the approval of the above project, the amount of loans approved by AIIB in India totaled 1.769 billion US dollars, and the loans mainly went to the field of infrastructure construction, such as transportation and electric power.

AIIB is a new multilateral development bank focusing on the infrastructure investment. Headquartered in Beijing, it officially opened in January 2016.