China loan horse without a mouth -Imran Ahmed Siddiqui

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published Published on Sep 16, 2020   modified Modified on Sep 18, 2020

-The Telegraph

Modi govt formally confirms that India took two loans totalling Rs 9,202 crore from a Beijing-based multilateral development bank in the thick of the border standoff

June 15: Chinese troops kill 20 Indian soldiers in the Galwan Valley.

June 19: India signs a loan agreement with the Asian Infrastructure Investment Bank (AIIB) for $750 million (Rs 5,521 crore) to support measures undertaken under the Pradhan Mantri Garib Kalyan Yojana (PMGKY). China is the largest shareholder in the Beijing-based multilateral development bank.

July 29: India bans 59 Chinese apps, a precursor to subsequent action that covered more apps and which prompted an Indian television anchor to marvel at “the sheer suddenness of the move, the unexpected nature of the move, the unpredictability of the move”.

The Narendra Modi government has formally confirmed that India took two loans totalling $1,350 million (Rs 9,202 crore) from the China-controlled bank in the thick of the border standoff.

There is nothing wrong in taking loans from the AIIB, especially because India is the second largest shareholder in the bank after China. Neither can the objective be faulted: the assistance was accessed for accelerating India’s Covid social protection response programme.

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The Telegraph, 16 September, 2020,

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