AIIB grants Rs. 13,000 cr loan to Andhra Pradesh
ANI | Updated: Oct 31, 2017 19:12 IST
Amaravati (Andhra Pradesh) [India], October 31 (ANI): China-sponsored Asian Infrastructure Investment Bank (AIIB) on Tuesday approved USD 2 million loan (Rs. 13,000 crores) for five project in Andhra Pradesh.
Months ago, the state government had sent proposals to the Union Government seeking aid for five projects which includes two roads and buildings department, one each for rural safe drinking water department, municipal and urban development department and Panchayat Raj department.
The Union Government then recommended those proposals to Asia Infra and Investment Bank for further help and clearance.
"The bank is willing to grant the loan, which led to today's meeting. The bank team held elaborate discussion about the proposed projects," said Dinesh Kumar.
In this connection, AIIB bank team of technical representatives headed by Dr D. J. Pandiyan, Vice President and Chief Investment Officer earlier in the day met AP's Chief Secretary Dinesh Kumar at state secretariat.
AIIB senior investment operations specialist Hari Bhaskar, senior social development specialist Somnath Bash, senior procurement specialist Giocomo Ottolini, consultant Yitzhak Kammi, state municipal and urban development secretary Karikala Vallavan, state finance secretary M Ravichandra and others attended the meeting. (ANI)