Recently, $ 304 million agreement has been signed between the Asian Infrastructure Investment Bank (AIIB) and the Central Government for the power communication network in Assam.
This corpus will be used for the “Assam Intra-State Transmission System Enhancement Project” with an aim to improve the reliable capacity and security of the power transmission network in the state.
- The Asian Infrastructure Investment Bank is a multilateral development bank that serves as a mission to improve social and economic outcomes in Asia and beyond.
- AIIB is an international financial institution headquartered in Beijing, China. It was founded in 2014 and its operation started in
- AIIB is better connecting people, services and markets by investing in sustainable infrastructure and other productive sectors that will affect the lives of billions of people over time and create a better future.
- AIIB provides finance for concrete and sustainable projects in energy and electricity, transport and telecommunications, rural infrastructure and agricultural development, water supply and sanitation, environmental protection, urban development and operations.
- Recently, India has emerged as the biggest beneficiary of the China-led Asian Infrastructure Investment Bank.
- The capital of this bank is 100 billion dollars. This amount is equal to two-thirds of the Asian Development Bank’s capital and half of the World Bank’s capital.
Source – The Hindu
