AIIB agrees to give $3 billion loan to State

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The Asian Infrastructure Investment Bank (AIIB) has agreed to give $3 billion loan to Andhra Pradesh for undertaking various development projects, according to an official release.

At a meeting here on Thursday, Chief Minister Y.S. Jagan Mohan Reddy informed a delegation of the Beijing-headquartered bank about the welfare programmes taken up by the government as per its election manifesto.

The loan would be utilised for the construction of ports, airports, roads and water grid and irrigation projects, the release said.

The AIIB executives praised the initiatives taken by the State government such as the ‘Nadu-Nedu’ programme for the development of government schools and hospitals. They said the present loan proposal was in addition to the loan already given to the State.

AIIB Vice-President and Chief Investment Officer D.J. Pandian, Director General (Investment Operations) Yee Ean Pang and Principal Social Development Specialist Somnath Basu met Mr. Reddy and said the bank had already invested in various projects.

Focus on agriculture

Mr. Reddy told the delegation that 62% of people were dependent on agriculture, hence priority was accorded to irrigation projects.

He also said that the government planned to construct ports at Bhavanapadu in Srikakulam district, Machilipatnam in Krishna district and Ramayapatnam in Prakasam district.

He also detailed the emphasis laid on the development of skills to enable the youth to meet the industry requirements. “Due priority has been attached to increasing the literacy level,” he added.

The bank officials said they were ready to finance the construction of one port initially and do additional funding in a phased manner.

Principal Adviser to the Chief Minister Ajeya Kallam, Additional Chief Secretary P.V. Ramesh and Principal Secretary (finance) S.S. Rawat were present.

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