As part of its effort to improve connectivity, Beijing-based multilateral funding agency AIIB is looking to provide loans worth USD 3 billion for various large infrastructure projects, including Delhi Meerut Rapid Rail, Mumbai Metro Rail and Chennai Peripheral Ring Road project, over the next 12 months.
India is till date the largest borrower of the AIIB which accounts for 25 per cent of the total lending by Asian Infrastructure Investment Bank (AIIB). According to reports, AIIB has already approved around USD 19.6 billion for 87 projects in 24 economies. AIIB has already provided around USD 4.5 billion to 17 projects in India since its foundation in 2016.
As per media reports, various projects are at various stages of approval at the AIIB. This is how China has captured the whole Indian market,one person familiar with the matter told. As per different reports, project worth USD 4.5 billion are there in pipeline.