Finance minister Arun Jaitley said India is preparing a basket of projects worth $2-3 billion for funding by the Asian Infrastructure Investment Bank (AIIB) in areas like urban development and energy.

Mr Jaitley offered India’s support in establishment of a regional office of AIIB in New Delhi to effectively cater to this potentially large portfolio and speed up the process of project development, monitoring and implementation, according to excerpts of the speech released here.

“AIIB presents a much needed additional financing window dedicated to infrastructure projects and meeting the financing gap that may be beyond the capacity of the individual countries and the existing multilateral development banks (MDBs),” said Mr Jaitley while participating in the first AGM of AIIB held at Beijing.

Mr Jaitley said that new bank has come up amidst huge expectations in a difficult time for the global economy.