India to be single largest borrower from WB | business | Hindustan Times
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India to be single largest borrower from WB

business Updated: Jun 04, 2007 00:46 IST

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The World Bank's lending to India will touch 3.8 billion dollar in the 12 months period ending June 30, making the country the single largest borrower from the multilateral financial institution.

"World Bank's involvement with India has increased tremendously and the 3.8 billion dollar to be extended till June 30 is the largest amount being extended so far," World Bank Executive Director Dhanendra Kumar said.

Out of the total 3.8 billion dollars, 2.32 billion dollars would be 'zero interest' grants and credit provided by the Bank's International Development Association (IDA), Kumar said. The Bank's lending to India last year was 1.4 billion dollar.

He said half of the 3.8 billion dollars would be deployed for development projects in rural areas.

The bank is also expected to approve 14 projects by the end of June and would provide additional assistance for two projects already undertaken, he said.

One third of the total assistance (about 929 million dollars) would be earmarked for the health sector with focus on woman and child healthcare and fighting tuberculosis and HIV AIDS.