The report also mentioned that seven out of the top ten countries are likely to be from the current emerging markets based on purchasing power parity (PPP), exchange rates and nominal GDP.

This is the second tranche of the payment of 500 million Euros, Parameshwara said, adding that the AIIB has also agreed to lend 300 million Euros.

The debt fell due to a decrease in commercial borrowings, non-resident Indian (NRI) deposits and valuation effect.