Asian Infrastructure Investment Bank (AIIB) is ready to extend a loan of$3 billion to Andhra Pradesh Government for taking up development projects.

This was decided at a meeting of AIIB representatives with Chief Minister YS Jagan Mohan Reddy. The loan would be utilised for the construction of ports, airports, roads, water grid projects and for irrigation projects.

According to the Chief Minister’s office, Jagan detailed the AIIB representatives about the welfare programmes being taken up by the government as enunciated in the Navaratnas.

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, an official release stated.

The AIIB is already investing in various projects in the state. The CM had explained to the visiting dignitaries that AP had an agri-based economy and 62 per cent people of the state were dependent on agriculture. Hence, priority was being accorded to irrigation projects, he added.

The CM 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.

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