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The World Bank said its executive board Tuesday approved loans for projects in five countries, with the loans for India by far the largest. The development lender approved $4.345 billion loans to India, including $2 billion for the banking sector.
The loans consist of a 28-year loan of $1.195 billion was aimed at increasing the availability of long-term financing for the India Infrastructure Finance Co. Ltd. to provide public-private financing of infrastructure projects. A loan of $1 billion, maturing in nearly 30 years, would support the Fifth Power System Development Project aimed at strengthening India's electricity- transmission system.
A $150-million, 35-year credit was granted by the bank's International Development Association, which helps the poorest countries by providing interest-free loans and grants.
These loans will be provided by the International Bank for Reconstruction and Development, the bank's institution that aims to reduce poverty in middle-income and credit-worthy poorer countries by promoting sustainable development.
The Bank said it had extended a $2 billion, 30-year loan to support the banking sector, in response to a request from the Indian government to support stimulus measures to counter the global economic crisis.
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