Asia Infrastructure Investment Bank to extend help to AP

Amaravati: Asia Infrastructure Investment Bank (AIIB) Director-General of Investment Operations Pang Yee Ean stated that his team has already interacted with the Andhra Pradesh government and are working with them in rural roads and sanitation.

After interacting with Chief Minister N Chandrababu Naidu during his visit to Singapore on Sunday, Pang appreciated the hard work of Panchayat Raj and Rural Development minister Nara Lokesh in delivering promises to the state. 

He also said that they were keen to work with AP for the development of Amaravati. The state government said that the AIIB is willing to lend funds directly to the state without intervention from the Central government. “We are willing to work with the state government to develop roads, water supply, irrigation and power sector,” said Pang.

The state government said they will also assist the state with capacity funding depending on the project presentation. “I myself am of half-Andhra origin and am willing to spend time on the projects of the state,” said Pang. 

Pang said that he was personally involved with the Singapore team in the preparation of Amaravati’s masterplan, and wants to continue to work for the capital’s development by getting involved in funding affordable housing. 

Meeting with Gautam Varma, Chief Representative for Europe, India and SE Asia - Fortescue Metals Group Ltd, Australia Varma informed the Chief Minister that they have good offshore degasification businesses as well as iron ore businesses. 

“We are based in Western Australia which is really the sister state of AP. We have a large interest in lithium and are looking at manufacturing lithium ion batteries in India with ISRO technology. We are also interested in establishing an Australian City with a port and attached economic activities.” 

They are also interested in setting up a Floating Storage Regasification Unit (FSRU) in AP and agreed to collaborate in developing batteries and power storage. Principal secretary to Energy, I&I and APCRDA Ajay Jain said that all clearances are in place for setting up an FSRU.

Land would soon be identified in the discussions that follow between the two parties. The Chief Minister also enquired if they would be willing to set up a steel plant as they are involved in the iron ore business, to which Gautam said that he would try to talk to their associates and take the discussions forward.

In a meeting with Chief Minister, Raj Kumar Hiranandani of Royal Holdings said, “Being Singapore’s leading developer, we are very interesting to work with Amaravati as well.” He told the Chief Minister that they have been associated with him for 17 years and would like to continue working in the future. They are interested to work with housing and building a health resort in Amaravati.