India seeks more funding from AIIB
AIIB’s 3rd AGM scheduled for June in Mumbai
India has sought more funding from the China-led Asian Infrastructure Investment Bank (AIIB) which has in the past two years approved over US$1 billion commitment for five Indian projects and lined-up another US$3.5 billion for 12 projects.
Addressing the curtain raiser ceremony of AIIB’s 3rd annual conference in Delhi, Finance Minister Arun Jaitley has sought higher funding from the AIIB, stressing that multilateral lending is needed to bridge the infrastructure gap in the Asian region.
India holds 7.74% equity in the Beijing-based AIIB, led by China with 29.9% major equity out of the 84 member countries. It began functioning in 2016.
Jaitley noted AIIB’s effective funding, calling on the lender to contribute actively to infrastructure development in Asia which has suffered from lack of basic facilities.
It will also fuel growth in the region and help overcome “infrastructure deficit”, said Jaitley in Delhi on 27 Feb 2018.
AIIB’s 3rd Annual Meeting of Board of Governors is to be held in Mumbai from 25-26 June 2018.
AIIB President Jin Liqun noted India’s “very important” role in the running the bank.
AIIB was aligned with the goals of the Indian Government to build infrastructure to improve the quality of life of its people at large, he said.
The 3rd Annual Meeting in Mumbai will bring together leaders from all types of organizations and levels of government to share ideas and experiences for creating a sustainable future through sound infrastructure investment.
Ministers from AIIB member countries, as well as participants from partner institutions, the private sector, civil society organizations and leading experts from a range of fields will join the gathering to discuss and share recommendations on how Asia’s infrastructure gap can be addressed in an environmentally and socially friendly way.
This year’s theme is “Mobilizing Finance for Infrastructure: Innovation and Collaboration”, in recognition of the private sector’s vital role in bridging the infrastructure gap.
This year will also see the launch of the inaugural Asian Infrastructure Forum, which will gather infrastructure practitioners in a practical and project-driven discussion, focused on matching innovative finance to critical infrastructure needs.
AIIB’s mission is to improve economic and social development in Asia by investing in high-quality, financially viable and environmentally friendly infrastructure projects. fii-news.com