Good News! AII Bank To Lend $3 Billion To AP

AMARAVATI: The Asian Infrastructure Investment Bank (AIIB) is ready to give a loan of $3 Billion to Andhra Pradesh Government for taking up development projects. This was decided at a meeting of the AIIB representatives with Chief Minister YS Jagan Mohan Reddy here on Thursday.
The loan would be utilised for the construction of ports, airports, roads, water grid projects and for irrigation projects. The Chief Minister detailed the AIIB representatives about the welfare programmes being taken up by the government as enunciated in the Navaratnas. The bank officials praised the initiatives taken by the government for taking up Nadu-Nedu programme for the development of government schools and hospitals.

The AIIB representatives said that they were glad to hear about welfare programmes for the people instead of privatisation after 20 years. They said the proposal of the present loan would be in addition to the loan already given to the state.

Bank vice-president and chief investment officer DJ Pandian, director general (investment operations) . UN Pang and principal social development specialist Somnath Basu from the AIIB met the Chief Minister. The AIIB is already investing on various projects in the state. The Chief Minister had explained to the visiting dignitaries that AP was based on agriculture and 62% people of the state were dependent on it. Hence, priority was being accorded to irrigation projects, he added.

The Chief Minister told the AIIB officials that government intends to construct ports in Bhavanapadu in Srikakulam district, Machilipatnam in Krishna district and Ramayapatnam in Prakasam district. The bank officials said that they were ready to finance the construction of one port and added that they were ready to finance the construction of roads, water grid, airports and irrigation projects.