India plans credit line to fund infrastructure across Asia

New Delhi

PRIME Minister Narendra Modi is taking a page from China's playbook as he looks to widen India's influence in its neighbourhood - only with far less cash.

India plans to set up a special purpose facility to fund roads, bridges and power plants across southern Asia and even Africa, said Yaduvendra Mathur, chairman of the Export-Import Bank of India. While he declined to reveal the size, government officials familiar with the discussions say it'll be less than a quarter the size of China's US$40 billion Silk Road fund.

"The purpose is not …