The Beijing-backed Asian Infrastructure Investment Bank (AIIB), that was due to finance $200 million of the project, then said it was reviewing its involvement. "The government of India has withdrawn its request to the World Bank for financing the proposed Amaravati Sustainable Infrastructure and Institutional Development Project," Sudip Mozumder, a New Delhi-based spokesman for the bank, told Reuters. "The World Bank’s Board of Executive Directors has been informed that the proposed project is no longer under preparation following the government’s decision." AIIB spokeswoman Laurel Ostfield told Reuters in Beijing that it was aware the World Bank has dropped the project from its investment pipeline. "This also vindicates our stance that (AIIB) which is a co-financier in the project, can no longer hide behind the World Bank which it has been doing."

Source: Mint July 19, 2019 15:45 UTC