AIIB should scale up its investment in renewable energy & smart tech: Sitharaman

Sitharaman has asked AIIB to scale up investments in renewable energy and smart technologies and has also urged the multilateral agency to set up a regional office in India

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AIIB should scale up its investment in renewal energy & smart technologies: Sitharaman

New Delhi: Finance Minister Nirmala Sitharaman asked the Asian Infrastructure Investment Bank (AIIB) to scale up investment in renewable energy and smart technologies and also urged the multilateral agency to set up a regional office in India. AIIB President Jin Liqun called upon the Finance Minister and discussed various issues of relevance to the bank. India is a founding member of AIIB with the second-highest voting share. India holds 7.74 percent equity in the multilateral bank while China holds 29.9 percent share. As India is the largest client of AIIB, Sitharaman reiterated that AIIB should plan to set up a regional presence in India to facilitate dialogue with the project authorities.

‘AIIB should mobilise private finance in renewable energy’

While appreciating AIIB’s growing portfolio in India, Sitharaman said, “AIIB should scale-up investments and mobilise private finance in India’s key priority areas including renewable energy, energy efficiency and climate smart technologies.”

L&T Infrastructure Finance gets $50 mn from AIIB for financing RE projects in India

AIIB began its operations in Beijing in January 2016 and has since grown to 105 approved members worldwide. The bank is a multilateral development lender whose mission is financing the ‘Infrastructure for Tomorrow’ with sustainability at its core.

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