Andhra Pradesh’s power project is sanctioned with a loan of USD 160 million from Asian Infrastructure Investment Bank(AIIB). This is the first time ever the China-sponsored bank which opened for business last year, approved financial assistance to a project in India.
AIIB said that the loan has been sanctioned for the project with the objective to strengthen the power transmission and distribution system in Andhra Pradesh. Jin Liqun, President of the AIIB said, “I am delighted that AIIB is working closely with India, who is our second largest shareholder, in energy and other infrastructure sectors, and we expect the Andhra Pradesh — 24×7 Power for All project to be the first of many projects AIIB invests in India”.
Andhra Pradesh is one of the three states in the country selected for ‘Power for All’ (PFA) programme. The 24×7 Power for All (24×7 PFA) is a joint initiative of Government of India and Government of Andhra Pradesh which is co-financed by the World Bank. As per the world bank records, the total project cost is USD 570.00 million and the IBRD commitment amount is USD 240.00 million.
The objective of the PFA is to supply 24×7 quality, reliable and affordable power to all Domestic, Commercial and Industrial consumers within a fixed time frame.
