Question: The loan amount approved recently by Asian Infrastructure Investment Bank (AIIB) for a power project in Andhra Pradesh is …
(a) USD 150 million
(b) USD 155 million
(c) USD 160 million
(d) USD 165 million
Ans (c)
Related facts:
- On May 03, 2017 the Board of Directors of the Asian Infrastructure Investment Bank (AIIB) approved a loan of US$ 160 million for power project in Andhra Pradesh.
- This is the first credit from the bank for an Indian project.
- The Project is part of the Government of India’s ‘Power for All’ program launched in 2014.
- “Power for All” program was launched to provide an efficient, reliable and affordable electricity supply to all consumers across selected states within five years from the start of implementation of the program in each state.
- Andhra Pradesh is one of the first states selected for the rollout of the Power for All program.
- The project is co-financed with the World Bank.
- The AIIB was established in 2015 and started operation in January 2016 to provide financing for infrastructure improvement in Asia.
- China is the largest shareholder with 26.06 per cent voting shares. India is the second largest shareholder with 7.5 per cent followed by Russia with 5.93 per cent and Germany 4.5 per cent.
- AIIB was established by 57 founding members including India.
- Its membership has increased to 70, with 13 new members approved in March, 2017.
- The bank is headquartered in Beijing, China. Jin Liqun is the present President of AIIB.
Reference:
https://www.aiib.org/en/news-events/news/2017/20170503_001.html
http://news.xinhuanet.com/english/2017-05/03/c_136253797.htm
http://www.thehindubusinessline.com/news/national/aiib-grants-160-mn-for-andhra-pradesh-power-project/article9678140.ece