Photo: Reuters/China Daily

The Asia Infrastructure Investment Bank said in a statement on Wednesday that it has approved a US$160 million loan for a power project in India, reports Caixin. The investment will help fund a power distribution system as part of New Delhi’s Power for All program.

“I am delighted that the 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,” the statement from AIIB President Jin Liquan said.

Of the ten proposed projects on the AIIB website, five are located in India, which holds a 9.1% stake in the institution, second to China’s 32.4%.

The AIIB is seen by some, including the US and Japan who have yet to join, as a rival to Western-backed development banks such as the World Bank.