The project, co-financed by the Asian Development Bank, aims to strengthen economic aid for businesses, expand social safety nets and bolster healthcare.
While AIIB is a multilateral development bank, which has got India as a member too, PBoC is China's central bank. Other registered FPIs in India include the National Social Security Fund (NSSF), a government-run investment fund established primarily to provide a reserve of funds for China's social security system.
The loan is intended to help India's government strengthen its public health system, prepare for future outbreaks, and limit the transmission of cases, a statement from AIIB said.
The Beijing-headquartered multilateral bank has USD 3 billion exposure to India which has a lot of appetite for credit and will continue to be the largest borrower in the near future.
The Beijing-based AIIB is considering investment in the Karachi Bus Rapid Transit (BRT) project, Rawalpindi's Ring Road project, Lahore Waste Water Management project and Karachi Water and Sewerage Service project among others, the Express Tribune reported on Friday.
"Unfortunately, protectionism practiced by some countries is likely to dim the prospects for all countries, including themselves," Jin told the opening ceremony of the third annual meeting of the AIIB board of governors here.
The prime minister Narendra Modi will meet business leaders and captains of industry, for a discussion on issues such as economic growth, infrastructure development, policy initiatives, investment, innovation and job creation.
Till now, the bank has invested USD 1.6 billion in seven projects in the country and has not taken any direct exposure in the affordable housing segment.
On challenges related to land acquisition pertaining to infrastructure projects, Goyal said that he doesn't see stress in acquiring land if it can be availed by consent
Garg was speaking ahead of the third annual meet of the Beijing-headquartered multilateral lending institute AIIB, which is being hosted by India.
The theme for this year's meeting is 'Mobilizing Finance for Infrastructure: Innovation and Collaboration' that will see leaders from various organisations and levels of government to share ideas and experiences for creating a sustainable future through sound infrastructure investment, the finance ministry said in a statement.
Speaking at a news conference to kick-start the bank's annual meeting, Nakao said the ongoing trade dispute between countries is a matter of "concern" and "utmost efforts" should be made to keep economies open in terms of trade and investment.
"Approximately 1.5 million rural residents in Madhya Pradesh stand to directly benefit from improved livelihoods, education and mobility with the USD 140-million loan approved by the Board of Directors of the Asian Infrastructure Investment Bank," said a statement issued by the AIIB.
Observing that AIIB and the BRI are two initiatives of the Chinese government, Jin said they will have positive impact on the development of region.
Beijing-based AIIB, which started functioning in 2016, has committed over USD 1 billion in five infrastructure projects in India and proposes to take 12 more projects envisaging assistance of USD 3.5 billion.
Asian Infrastructure Investment Bank (AIIB) has in the past 2 years approved five projects in India envisaging total commitment of more than USD 1 billion and has a pipeline of 12 projects involving assistance of USD 3.5 billion, according to a finance ministry official.
The loan, approved by the Board of Directors of the Beijing-headquartered Asian Infrastructure Investment Bank (AIIB), involves co-financing of USD 50 million from the Manila-based Asian Development Bank (ADB), state-run Xinhua news agency reported.
"The board of directors of the AIIB approved a loan of USD 329 million to build access roads to approximately 4,000 villages in all 33 districts of Gujarat, India," AIIB said in a statement.
The bank's first ever equity investment of $150 million aims to help attract private capital for infrastructure projects in India, the AIIB said in an emailed statement.
AIIB aims to promote economic development of the region by supporting major infrastructure projects. India is the second largest shareholder of AIIB with 7.5 per cent stake after China which has 26.06 per cent voting shares. Russia and Germany have 5.93 per cent, 4.5 per cent stake respectively.
Speaking at a news conference in Yokohama, eastern Japan, to kick off the ADB's annual meeting, Nakao also said rising protectionism around the world was not yet hurting growth in developing Asia.
The Asian Infrastructure Investment Bank (AIIB), in which India is the second largest shareholder after China, has approved the project with the objective to strengthen the power transmission and distribution system in Andhra Pradesh, said a bank statement.
The fund will be used to help Bangladesh's Natural Gas Infrastructure and Efficiency Improvement Project, as the lack of gas supply would "eventually impact Bangladesh's energy security and constrain the nation's economic growth", the AIIB said in a press release.
There is plenty of room for the New Development Bank (NDB) and AIIB for funding and these new multilateral funding agencies provide challenge to old institutions, World Bank Group President Jim Yong Kim said.
Finance Minister Arun Jaitley made the offer to set up AIIB branch in India while addressing the Board of Governors Session of the Annual General Meeting (AGM) of the bank headquartered here yesterday.