AIIB Declared $210 Million Loan For Irrigation & Solar Energy Projects

ndia is the second-largest shareholder of the bank and the largest recipient of its loan and equity commitments. The total commitments to the country stand at $3 billion, which is about a third of total of $10 billion, as per the available data.

December 21, 2019. By Hemant Arora

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The Beijing-based Asian Infrastructure Investment Bank has declared a total loan of $210 million for irrigation and solar energy projects in India. It will lend $145 million to improve irrigation services and strengthen flood risk management in West Bengal, while $65 million has been earmarked for a 250-megawatt solar project in Rajasthan promoted by Hero Future Energies, as per the official statement.

India is the second-largest shareholder of the bank and the largest recipient of its loan and equity commitments. The total commitments to the country stand at $3 billion, which is about a third of total of $10 billion, as per the available data.

The irrigation project in West Bengal is co-financed by the World Bank and is expected to strengthen the management of the Damodar Valley Command Area irrigation scheme, the statement adds.

The funds will also be used to modernise irrigation infrastructure at main, branch, distributary and minor canal levels and invest in structural measures to reduce flooding in the project area, it said.

The bank statement said West Bengal has 37,660 square kilometres prone to floods out of its total area of 88,752 square kilometers and regularly faces floods, and climate change may only aggravate the problems.

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