India to maintain engagement with China-led banks

New Delhi, July 29

While the Centre is unlikely to offer China with funding and commerce alternatives just like the final six years, it has not tried to log off China-led lending establishments after the Galwan valley conflict of June 15.

Union Finance Minister Nirmala Sitharaman attended the annual assembly of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) by way of video-conferencing. Chinese President Xi Jinping was the star speaker on the assembly. Speaking at a roundtable, Sitharaman indicated India’s want to borrow extra from AIIB by asking it to fast-track monetary help of about $10 billion to its member nations, together with India, to fight Covid-19 pandemic.

In May, India had taken a $500 million Covid challenge from AIIB. It additionally borrowed $1 billion from the Shanghai-based New Development Bank. — TNS

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