India extends US$28 billion in loans to 63 countries

5 Jul 2019

India extends US$28 billion in loans to 63 countries

India extends US$28 billion in loans to 63 countriesUnder its development cooperation partnership, India has been carrying out development projects in 63 countries to the tune of US$28 billion.

It currently has 279 Lines of Credit (soft loans) extended to countries located in Asia, Africa, Latin America, Carribean and Oceania*.
 	These countries include - Bangladesh, Niger, Burkina Faso, Chad, Mali, Vietnam, Seychelles etc.
 	A Line of Credit is a loan extended to a government, business or an individual by a bank or any other financial institution.
 	It allows you to borrow in increments (instalments), repay it and borrow again as long as the line remains open.
 	India has extended these lines of credit on concessional* terms for development areas like power, solar energy, transport, connectivity, agriculture and irrigation, water and sanitation etc.

In comparison, China's Belt and Road Initiative (BRI) is a global development strategy involving infrastructure development and investments in 152 countries and international organisations in Asia, Africa, the Middle East and the Americas.

*Oceania: Thousands of islands throughout the South Pacific Ocean including Australia, New Zealand, Fiji, Kiribati etc.

*Concessional: granted in response to demands

Image Credits: Youtube.com

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Under its development cooperation partnership, India has been carrying out development projects in 63 countries to the tune of US$28 billion. It currently has 279 […]

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