India has borrowed $750 million (approximately 57000crores) from the Asian Infrastructure Investment Bank, a multilateral bank headquartered in China.
The Asian Infrastructure Investment bank is a multilateral bank with 21 member countries, including China and India. It is a Chinese led bank as China has a 30% subscription to its shares and has the highest vote share. On June 17, 2020, the bank approved a $750 million loan to India for COVID-19 response. Co-financed by the World Bank, the funds were aimed at enabling the government to scale up its efforts towards containing the coronavirus and strengthen the health system to manage future outbreaks.
Therefore, India did not take a loan from China, but from the Asian Infrastructure Investment Bank.
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