Loan Pact with AIIB for Rural Roads Project (Download PDF)

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India signed loan agreement with China led-Asian Infrastructure Investment Bank (AIIB) for financing of $ 329 million for Gujarat Rural Roads Project (GRRP) . Multilateral development bank backed by China- a rival to the World Bank and Asian Development Bank (ADB) .

Loan Pact with AIIB for Rural Roads Project

What is GRRP?

  • GRRP aims to improve the rural road connectivity and accessibility by providing all weather road connectivity to 1,060 villages in all the 33 districts of Gujarat, benefiting about 80 lakh people.
  • Also benefit the service providers like public transport operators, hospitals, educational institutions, local markets and traders.

About Asian Infrastructure Investment Bank (AIIB)

  • Multilateral development bank backed by China- a rival to the World Bank and Asian Development Bank (ADB) .
  • Established to fund various infrastructure projects including energy, transportation, urban construction, logistics and education and healthcare in Asia-Pacific region.
  • Officially established with 57 founding members and started to function in January 2016.
  • As of May 2017, the bank has 52 members with authorized capital of US $ 100 billion.
  • Headquartered in Beijing
  • China is the largest shareholder with 26.06 % voting shares. India is the second largest shareholder with 7.5 % voting shares followed by Russia (5.93 %) and Germany (4.5 %) .

- Published/Last Modified on: September 4, 2017

International Relations/Organizations

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