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India a top borrower from AIIB in 2017

Press Trust of India  |  Beijing 

has emerged as a top borrower from the China-sponsored Asian Infrastructure Investment (AIIB) with USD 1.5 billion worth of loans last year and USD three billion more in the pipeline.

India's today in and held in-depth talks on deepening India's engagements with the

They also exchanged views on the preparations for the next annual meet of which will be held in in June this year, the said in a statement.

The and chief investment officer of the bank, DJ Pandian also took part in the meeting.

Bambawale's meeting with Jin, a former Vice Minister of assumed significance as the China-sponsored has granted USD 1.5 billion worth of loans for various infrastructure projects last year the highest compared to all the countries, officials told here.

Next to India, has emerged as the second largest borrower with about USD 600 million loans.

Significantly in the pipeline for lending for by the 84-member bank this year included USD 3.5 billion worth of projects including Metro, new capital Amaravatis development and in

is the second largest shared holder in the bank which has an authorised capital of USD 100 billion.

is the largest shareholder with 26.06 per cent voting shares in the bank. India is the second largest shareholder with 7.5 per cent followed by 5.93 per cent and with 4.5 per cent.

Borrowing from is preferred by a number of countries as it charges about one to 1.5 per cent interest with long term repayment including five-year grace period.

The AIIB board viewed Indian projects favourably due to Indias economic credentials as well as well-prepared project reports, officials said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 11 2018. 19:10 IST