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Rural Connectivity Project – Madhya Pradesh
April 23 , 2018
2262 days
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- The Asian Infrastructure Investment Bank (AIIB) have approved $140 million loan for development project aimed at improving rural roads connectivity in Madhya Pradesh.
- It was approved at meeting of Board of Directors of AIIB recently held in Beijing, China. The Project will be co-financed by World Bank.
Asian Infrastructure Investment Bank (AIIB)
- AIIB is multilateral development bank initiated by China. Its purpose is to provide finance to infrastructure development and regional connectivity projects in Asia-Pacific region.
- It was officially established in December 2015 and opened for business in January 2016. It is headquartered in Beijing, China.
- So far it has 84 members including India. China is largest shareholder of AIIB with 26.06% voting shares.
- India with 7.5% vote share is second largest shareholder followed by Russia, Germany and South Korea.
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