India emerged as top borrower from Asian Infrastructure Investment Bank in 2017

Vastavam web: 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 today met AIIB President Jin Liqun in Beijing and held in-depth talks on deepening India’s engagements with the bank.Bambawale’s meeting with Jin, a former Vice Finance Minister of China assumed significance as the China-sponsored bank 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, Indonesia has emerged as the second largest borrower with about USD 600 million loans.India is the second largest shared holder in the bank which has an authorised capital of USD 100 billion.China 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 Russia 5.93 per cent and Germany with 4.5 per cent.