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The Asian Infrastructure Investment Bank has approved $575 million loan to ease congestion in Mumbai and boost private capital investment in renewable energy, power transmission and water infrastructure.
The loan includes $500 million for Mumbai's suburban railway network and $75 million to Tata Cleantech Capital LTD which funds renewable energy projects, AIIB Vice President and Chief Investment Officer D J Pandian told reporters today.
The loan will also be used to fund four laning of a 63 km stretch between Virar and Dahanu and the construction of a new suburban railway corridor between Panvel and Karjat.
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