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China-led AIIB to spend $3.5bn with focus on India

Bank says it is 'apolitical' and wants to connect Asia and Africa

Construction in New Delhi
Laborers constructing a flyover in New Delhi, India in February.    © Reuters

MUMBAI -- China-led Asian Infrastructure Investment Bank said Monday it will invest or lend $3.5 billion this year to India, Bangladesh, Turkey and Egypt for projects aimed at strategically connecting Asia and Africa.

Since its launch in 2016, AIIB has approved around $4.4 billion of loans. The body, which comprises 86 member-countries, revealed the new plan at the start of its two-day annual meeting in Mumbai. India is AIIB's second largest shareholder after China.

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