Piyush Goyal says the Asian Infrastructure Investment Bank will infuse $1.4 billion into India
The interim finance minister said the funds would be invested in seven development projects.
Interim Finance Minister Piyush Goyal on Monday said the multilateral development bank Asian Infrastructure Investment Bank will invest $1.4 billion (Rs 9,542 crore) towards infrastructure projects in India. Goyal said the funds would be invested in seven development projects.
Goyal was speaking at a press conference on the sidelines of the third annual meeting of the Asian Infrastructure Investment Bank in Mumbai. The Asian Infrastructure Investment Bank’s stated aim is to “improve social and economic outcomes in Asia and beyond”.
“So far, Asian Infrastructure Investment Bank has approved several projects,” Goyal said. “Out of projects worth $4.4 billion [Rs 29,988 crore], $1.4 billion has been approved by India.” He said nine other projects worth $2.4 billion (Rs 16,357 crore) were also being negotiated with the bank.
The interim finance minister also said the Centre would give Air India’s management practices and operational efficiencies a boost, PTI reported. The government has failed to attract any bids for the sale of 76% of its stake in the national carrier before the May 31 deadline, but said on June 20 that it was “committed” to the strategic disinvestment of the airline.