Asian Infrastructure Investment Bank (AIIB) conclave beginning on June 25 in Mumbai will provide an impetus to infrastructure through investments integral to development of Maharashtra and India, Chief Minister Devendra Fadnavis said on Friday. Prime Minister Narendra Modi will address the third AIIB conclave in Mumbai. Delegates from various Asian countries representing the government and private companies, besides experts, will participate in the two-day conclave. ‘Mobilizing Finance for Infrastructure: Innovation and Collaboration’ will be the theme of the event where experts will share their experience and discuss the future. The bank with 100 billion dollars deposit provides long-term loans at low interest rates. AIIB has sanctioned 1.2 billion dollars for six infrastructure projects in India. Moreover, projects worth 1.9 billion dollars are under consideration. The CM said, “We look forward to attract higher investments and expedite big infrastucture projects.” He said, “About 50 trillion rupees (777.73 billion dollars) is the required investment for infrastructure in India by 2022.”
