India recently borrowed Rs 56,000 crores from a Chinese bank.

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.

The COVID-19 pandemic has given rise to a lot of potentially dangerous misinformation. For reliable advice on COVID-19 including symptoms, prevention and available treatment, please refer to the World Health Organisation or your national healthcare authority.

Reference links

The Times of India

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Asian Infrastructure Investment Bank

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Asian Infrastructure Investment Bank

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