<article>The Beijing-based <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Asian+Infrastructure+Investment+Bank" target="_blank" rel="noopener noreferrer">Asian Infrastructure Investment Bank</a> (AIIB) will provide $160 million loan to support a power project in Andhra Pradesh, India, according to a statement.</article>

The Beijing-based <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Asian+Infrastructure+Investment+Bank" target="_blank" rel="noopener noreferrer">Asian Infrastructure Investment Bank</a> (AIIB) will provide $160 million loan to support a power project in Andhra Pradesh, India, according to a statement.
This will be the first credit by Asian infrastructure lender for an Indian project.
In the statement, AIIB said, the project is a part of the Government of India’s Power for All program that was launched in 2014 to provide an efficient, reliable and affordable electricity supply to all consumers across selected states within five years from the start of implementation of the program in each state. Andhra Pradesh is one of the first states selected for the rollout of the Power for All program.
In March this year, AIIB approved a $60 million loan to finance a Bangladesh gas project.
&#8220;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,&#8221; said D.J. Pandian, vice president and chief investment officer, AIIB.
&#8220;I am delighted that AIIB is working closely with India, who is our second largest shareholder, in energy and other infrastructure sectors, and we expect the Andhra Pradesh &#8211; 24&#215;7 Power for All project to be the first of many projects AIIB invests in India,&#8221; Jin Liqun, president of AIIB.
With a capital of $100 billion, AIIB started operations in January 2016 and has grown to 70 members from all over the world. China, the largest shareholder, owns 26.06 per cent voting shares, India holds 7.5 per cent followed by Russia and Germany with 5.93 per cent and 4.5 per cent.
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/adb-aiib-starts-first-cofinancing-deal-for-100m-pakistan-road-project-43825/" target="_blank" rel="noopener noreferrer">ADB, AIIB approve $100m co-financing deal for Pakistan road project</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/chinese-president-launches-new-aiib-development-bank-as-power-balance-shifts-27295/" target="_blank" rel="noopener noreferrer">China-led Asian infra lender AIIB launches signalling a shift in economic power balance</a>

The Beijing-based Asian Infrastructure Investment Bank (AIIB) will provide $160 million loan to support a power sector in Andhra Pradesh, India.

China's AIIB to provide $160m loan for Indian power project

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

China's AIIB to provide $160m loan for Indian power project

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief