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India becomes largest borrower of China-based AIIB: Economic Affairs Secretary

By Shubham

India is the largest borrower from AIIB - Asian Infrastructure Investment Bank - with its projects getting financed to the extent of $4.4 billion in the last three years, Economic Affairs Secretary Subhash Chandra Garg said in an official statement.

Economic Affairs Secretary Subhash Chandra Garg

The third annual meeting of the Beijing-based AIIB began in Mumbai on Monday, June 25, and during the two-day event, focus will be made on infrastructure under the theme of "innovation and collaboration".

The AIIB, which came into operation in 2015-16, has 86 countries as its members and aims to support building of infrastructure in the Asia-Pacific region.

AIIB's Vice President and Corporate Secretary Sir Danny Alexander praised India for its contribution in supporting the bank and said the bank is apolitical in its functioning.

"Lean, clean and green is the way we work. We invest in sustainability and are guided by those priorities," he was quoted as saying.

Alexander also said that AIIB is also considering investing in projects outside Asia. AIIB though is largely an Asia-focussing entity, it also has members from outside the continent.

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