Aiib Loan Agreement
The loan agreement was signed by Shri Sameer Kumar Khare, Deputy Secretary, Ministry of Economy, Ministry of Finance, on behalf of the Indian Government, Shri Sanjay Kumar, Chief Secretary, on behalf of the Maharashtra Government, Shri R. S. Khurana, Director General of the Employment Corporation on behalf of Mumbai Rail Vikas Corporation and Shri Rajat Misra , Managing Director (Acting), Investment Operations on behalf of aiIB. “The Government of India, the Government of Maharashtra, Mumbai Railway Vikas (Development) Corporation and the Asian Infrastructure Investment Bank (AIIB) today signed a $500 million mumbai Urban Transport Project III loan agreement to improve network capacity, service quality and safety of Mumbai`s commuter rail system,” the Finance Ministry said in a statement. NEW DELHI, August 24 (Xinhua) — The Indian government on Monday signed a $500 million agreement with the Asian Infrastructure Investment Bank (AIIB) to improve network capacity, service quality and safety of the commuter train system in Mumbai, Maharashtra`s capital, officials said. Regular authors claim that we took a “loan from China” or a “Chinese bank,” although our soldiers were martyred by the PLA in the Galwan Valley. Political opportunists have questioned India`s decision to sign a $750 million loan agreement with the Asian Infrastructure Investment Bank (AIIB) to support the Pradhan Mantri Garib Kalyan Yojana (PMGKY) measures. The total estimated cost of the project is $997 million, of which US$500 million is funded by the AIIB, $310 million by the Maharashtra government and $187 million by the Ministry of Railways. AIIB`s $500 million loan has a five-year, 30-year term. The project is expected to increase network capacity in the region by reducing travel time and fatal commuter accidents. It is estimated that 22% of the main beneficiaries of the project will benefit from increased safety and quality of service . . .
. The statutes of the Asian Infrastructure Investment Bank were negotiated in English. Article 34 provides that the language of work of the AIIB will be English and that the Bank will rely on the English text of the articles for all decisions and for the interpretation of articles. The articles were signed in texts in English, Chinese and French, which also prove to be true. You can find the English text here. You can find the Chinese text here. You can find the French text here. During the negotiations on the articles, the chief negotiators agreed that some formulations of the text had a general understanding that needs to be recorded. The report of the chief negotiators, adopted at the same time as the final text of the articles, summarizes these views in order to refer to the interpretation of the articles in the future.
The text of the Chief Negotiators` report is available here.