India has emerged as a top borrower from the China-sponsored Asian Infrastructure Investment Bank (AIIB) with USD 1.5 billion worth of loans last year and USD three billion more in the pipeline.
India’s Ambassador Gautam Bambawale met AIIB President Jin Liqun in Beijing and held in-depth talks on deepening India’s engagements with the bank. Next to India, Indonesia has emerged as the second largest borrower with about USD 600 million loans.
India – top borrower from AIIB:
i. India is the top borrower from AIIB with USD 1.5 billion worth of loans in 2017. Indonesia is in the second position with USD 600 million worth loans.
ii. Also, for 2018, USD 3.5 billion worth loans for Mumbai Metro, Andhra Pradesh’s new capital Amaravati’s development and irrigation network in West Bengal are in line.
iii. India is also the second largest shared holder in AIIB. China is the largest shareholder of AIIB.
iv. Lot of countries prefer to borrow from AIIB, as it charges only 1 to 1.5 % interest with long term repayment and also a five-year grace period.
About Asian Infrastructure Investment Bank (AIIB):
♦ Headquarters – Beijing, China
♦ President – Jin Liqun