NEW DELHI: The Asian Infrastructure Investment Bank (AIIB) will provide a loan of USD 455 million to finance the Andhra Pradesh Rural Roads Project, which will connect about 3,300 habitations with a population of more than 250, and benefit around two million people.
An agreement in this regard was signed between the AIIB and the government, said a release of the finance ministry. "The project is likely to improve the life of a common man living in the remote and isolated areas in the state of Andhra Pradesh," it said.
The objective of the project, it added, is to improve road transport connectivity in previously unserved communities by providing all-weather rural roads in all 13 districts of Andhra Pradesh. Under the project, there are plans to construct rural roads to provide first connectivity, construct cross drainage works and bridges to complete missing links and structures.
It is the third project being signed by the AIIB in the state, the other two are in power and water sectors. "The AIIB is keen to support more such projects in India in various sectors," said Supee, director general (investment operations department), AIIB.
AIIB is a multilateral development bank headquartered in Beijing, China, which began operations in January 2016. India is the second-largest shareholder in the AIIB and its largest borrower.