PM Modi to address 3rd annual meeting of Asian Infrastructure Investment Bank

Prime Minister Narendra Modi will address the third annual meeting of Asian Infrastructure Investment Bank, AIIB, in Mumbai today.

The theme for this year’s meeting is “Mobilizing Finance for Infrastructure: Innovation and Collaboration.”

This year will also see the launch of the inaugural Asian Infrastructure Forum, which will gather infrastructure practitioners in a practical and project-driven discourse, focused on matching innovative finance to critical infrastructure needs. Later, Prime Minister will also meet business leaders and captains of industry.

Finance Minister Piyush Goyal while addressing the meet yesterday said that growing need for multi development bank in the Asian context resonates with the thrust given by Narendra Modi Government towards creating infrastructure.

He said, in 70 years, neither the Government of India nor any state govt had a single international default making India a good investment destination for Infrastructure.

The Board of Directors of AIIB approved an equity investment of 100 million US dollars in India’s National Investment and Infrastructure Fund, NIIF. AIIB is considering a further investment of 100 million US Dollars.

AIIB Vice President and Chief Investment Officer D.J. Pandian said bank’s investment in the NIIF reflects its commitment to support the Government of India in its efforts to promote investment in infrastructure sector and to mobilize private capital for development.

Some of the sectors of focus include Green Infrastructure, Mid-Income & Affordable Housing, Infrastructure services and allied sectors.

NIIF, anchored by the Government of India, is a collaborative investment platform for international and domestic investors that are keen on investing in commercially viable Indian infrastructure projects.