India is looking forward to investments in 9 more projects from Asian Infrastructure Investment Bank (AIIB) after having picked up almost 28 per cent of the bank’s total lending so far of US$1.4 billion for 7 projects, said Union Minister for Finance, Piyush Goyal while addressing during the third annual meeting of the AIIB
Welcoming delegates from 86 countries, Goyal pointed out that in just three short years, India has hosted three major events for international multilateral banks; the New Development Bank (NDB), African Development Bank (ADB) and now the Asian Infrastructure Investment Bank (AIIB) in quick succession.
Lauding AIIB for its robust processes, Goyal said, ‘It is a matter of great pride that a concept that was floated in 2014 was able to mature in 6-7 months, and by 2015 we had a Multilateral Development Bank in place with India being the second largest stakeholder with over 8 per cent stake.’
AIIB has focused its investment in India on lending to rural infrastructure, energy and power, environmental protection, transportation and telecommunication, water supply and sanitation and urban development and logistics and it is a matter of great pride that India is the largest recipient of the $4.2 billion funds disbursed by it, Goyal said.
Attributing robust framework and easy to navigate policies being the key reasons for the investment flow into infrastructure in the country, Union Finance Minister said,” India is a sweet spot where the rule of law prevails to attract investments.”
Earlier participating in the panel discussion on ‘Mobilizing Finance for Infrastructure’, the Minister pointed out that integrity of people and process would decide the investment discourse.
By 2022, the government as part of Prime Minister’s plan will ensure every citizen to have shelter on his head, 24×7 electricity, good toilet, clean drinking water, access by road to his house and internet connectivity, he said.
It should be mentioned here that the AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond.