The Asian Infrastructure Investment Bank (AIIB) is increasing its involvement in India, and following the recent approval of two new projects, it now has a US$2.9 billion loan book.

In October a US$500 million loan was granted to the government of India, which is expected to fast-track work on Mumbai’s suburban railway network. The funds will contribute to a quadrupling of the Virar-Dahanu Road corridor (64 kilometers) to provide an extension of the suburban railway service to connect peripheral areas with Mumbai.

The project will also see the construction of a new suburban railway corridor between Panvel and Karjat localities (28 kilometers) to cater to commuters in the area under rapid urbanization and population growth.

Also in October, the bank also approved a US$75 million loan to Tata Cleantech Capital Limited (TLLC), a major financier of renewable energy in India.

The Tata Cleantech Sustainable Infrastructure On-Lending Facility project aims to increase private capital investment in renewable energy, power transmission and water infrastructure.

The project will increase the provision of affordable and clean power, reduce greenhouse emissions and expand the power’s network reach and capacity.

Under the Paris Agreement, the Government of India plans to reduce the country’s carbon intensity by 30-35 percent of 2005 levels.

The AIIB began operations in India in 2016 and has contributed to 13 projects.

“Over the past four years, AIIB’s investments in India have grown exponentially,” said AIIB Vice President and Chief Investment Officer D.J. Pandian. “This is a clear sign of our valuable partnership. AIIB will continue aligning its commitments with the government’s priorities, with the bank serving as a catalyst to India’s continued development.”

The AIIB operates independently as a multilateral development bank outside of the Belt and Road Initiative, which India has not signed up to.