AIIB approves US$160 Million to support India’s Power for ALL program

AIIB  (Asian Infrastructure Investment Bank) announced that the board of directors of AIIB has approved US$ 160 Million loan in support of the Andhra Pradesh – 24×7 Power for All project in the Republic of India with the objective to strengthen the power transmission and distribution system in the State of Andhra Pradesh. It is part of the Government of India’s project Power for All, launched in 2014 to provide an efficient, reliable and affordable electricity supply.

AIIB President, Jin Liqun said that AIIB supports its members in their transition towards a low-carbon energy mix by promoting the improvement of energy efficiency, such as upgrading the existing transmission and distribution networks. He is delighted that AIIB is working closely with India, who is their second largest shareholder, in energy and other infrastructure sectors, and they expect the Andhra Pradesh – 24×7 Power for All project to be the first of many projects AIIB invests in India.

AIIB Vice President and Chief Investment Officer, D.J. Pandian said that the Power for All program in Andhra Pradesh will be the starting point for AIIB to extend its assistance to other countries in Asia moving towards an ‘Energy for all’ initiatives. This aligns well with AIIB’s mandate to promote economic development in Asia by helping build reliable and stable energy distribution systems.