Money & Banking

AIIB clears $575 million loan to Mumbai for boosting investment in renewable energy

Our Bureau | Updated on November 16, 2019 Published on November 15, 2019

AIIB Vice President and Chief Investment Officer D J Pandian

The Asian Infrastructure Investment Bank has approved $575 million loan to ease congestion in Mumbai and boost private capital investment in renewable energy, power transmission and water infrastructure.

The loan includes $500 million for Mumbai's suburban railway network and $75 million to Tata Cleantech Capital LTD which funds renewable energy projects, AIIB Vice President and Chief Investment Officer D J Pandian told reporters today.

The loan will also be used to fund four laning of a 63 km stretch between Virar and Dahanu and the construction of a new suburban railway corridor between Panvel and Karjat.

Published on November 15, 2019
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