World Bank arm IDA to keep lending to India at $5 billion | business | Hindustan Times
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World Bank arm IDA to keep lending to India at $5 billion

business Updated: Dec 15, 2011 22:26 IST
Mahua Venkatesh

World Bank's arm International Development Association (IDA) is likely to keep its lending to India unchanged at $5 billion for the next three years. IDA provides credit on concessional terms —which have either zero or very low interest rates — to several countries.

"We have always been committed to India and we would continue with our aid programme," Axel van Trotsenburg, vice-president, (concessional finance and global partnership), World Bank told Hindustan Times.

He said that though major donor countries especially in the Eurozone are currently going through a rough patch, it would not impact the IDA pool.

India has been the largest beneficiary from IDA, Trotsenburg said.

World Bank would be more vigilant in the wake of the sovereign debt crisis in the eurozone. "There is no cause for concern for us but we are now more vigilant now and are ensuring that everybody delivers and keeps their commitment. Even though times are tough, we need to stay engaged," Trotsenburg said, adding that several emerging donors such as China, Mexico, Russia and Saudi Arabia have significantly contributed.

Apart from India, Bangladesh and Pakistan have also received grants in the sub continent region from the IDA.