AIIB provides $100 million to L&T Finance arm for wind and solar infrastructure projects

Last Updated: July 15, 2019

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AIIB provides $100 million to L&T Finance arm for wind and solar infrastructure projects
15 July 2019 Current Affairs: Asian Infrastructure Investment Bank (AIIB) provide $100-million loan to L&T(Larsen & Toubro) Infrastructure Finance Company(LTIF) for wind and solar infrastructure projects. This is the first time AIIB is extending loan to a non-banking finance company(NBFC).
It is collaborated with AIIB to explore the international market for green finance.
The project mainly help to increase the supply of renewable energy in India .
It helps to reduce the carbon intensity by 30-35 percent of the 2005 levels by 2030 which was India’s commitment under the Paris agreement.
India set a target to install 175 Gigawatt (GW) of renewable energy capacity by 2022, of which a total of 80.04 GW of renewable energy capacity installed in the country till May 2019.

About AIIB:
♦ Headquarters: Beijing, China
♦ President: Jin Liqun
♦ Formation: January 16, 2016

About L&T:
♦ Headquarters: Mumbai
♦ Founders: Henning Holck-Larsen, Søren Kristian Toubro
♦ MD & CEO: S.N.Subramanian

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