Financing Partner
External assistance for the project is being taken from Asian Infrastructure Investment Bank (AIIB). AIIB will provide a Sovereign guaranteed loan of USD 475 millionto the project. The loan proceeds will be passed on from the state government to HRIDC for utilization towards implementation of HORC project.
Brief about AIIB
AIIB is a multilateral Bank with a mission to improve social & economic outcomes in Asia. AIIB has it’s headquarter in Beijing. It has 103 approved members worldwide. AIIB’s mission statement is “Financing Infrastructure for Tomorrow”. The Bank’s operational focus is on below mentioned projects:
- Green Infrastructure
- Connectivity & Regional Co-operation
- Technology enabled Infrastructure
- Private capital mobilization.
Progress with AIIB
- Department of Economic Affairs, GOI posed the proposal to AIIB – 17.12.2019
- AIIB screening committee approved the project – 04.03.2020
- Concept approved by Investment Committee of AIIB – 05.06.2020
- Next stage in the loan approval process is presentation of project before Appraisal IC in March 2021. This would be followed by Loan Negotiation in May 2021, AIIB
Board approval and loan signing by June 2021. Disbursement of loan can be started from June 2021 onwards depending upon the progress of the project.