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

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

By: Ishaana Aiyanna

June 25 2020

Share Article: facebook logo twitter logo linkedin logo
Misleading: India recently borrowed Rs 56,000 crores from a Chinese bank.

Fact-Check

The Verdict Misleading

India has borrowed $750 million (approximately 57000crores) from the Asian Infrastructure Investment Bank, a multilateral bank headquartered in China.

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.

Would you like to submit a claim to fact-check or contact our editorial team?

0 Global Fact-Checks Completed

We rely on information to make meaningful decisions that affect our lives, but the nature of the internet means that misinformation reaches more people faster than ever before