India largest recipient of World Bank loans in 2009-10

INDIA-WB

New Delhi, Aug 29 (PTI) India was the World Bank's
favourite last fiscal when it came to extending financial aid
in the form of loans, both among developing countries and the
world's poorest nations.
The World Bank, through its lending arms IBRD and IDA,
committed USD 9.3 billion in financial assistance to India in
the 2009-10 fiscal, more than the aid committed by the US and
the European Union.
The International Bank for Reconstruction and Development
(IBRD) committed USD 6.7 billion, or 15.1 per cent of its
total lending in the fiscal, to India, according to government
officials. In comparison, the second highest recipient,
Mexico, got USD 6.4 billion.
Next in line were South Africa (USD 3.8 billion), Brazil
(USD 3.7 billion) and Turkey (USD 3.0 billion). IBRD serves
middle-income countries with investment and advisory services.
The World Bank's concessionary lending arm, the
International Development Association (IDA), which helps the
world's poorest countries, committed 17.7 per cent of its
total aid, amounting to USD 2.6 billion, to India in 2009-10.
In contrast, the IDA committed USD 1.4 billion to Vietnam
and USD 0.9 billion each to Tanzania, Ethiopia and Nigeria.
It aims to reduce poverty by providing interest-free
credit and grants for programmes that boost economic growth,
reduce inequalities and improve people's living conditions.
Even in terms of actual disbursement, India was the
largest recipient of World Bank financial assistance last
fiscal, with a total of USD 4.7 billion -- IBRD (3.4 billion)
and IDA (1.3 billion) -- being released, officials informed.
The country was also the largest recipient of assistance
from other external funding agencies like the International
Fund for Agricultural Development (IFAD) and the UK's
Department for International Development (DFID).
While IFAD is a specialised agency of the United Nations
dedicated to eradicating rural poverty in developing
countries, DFID is the part of the UK government that manages
Britain's aid to poor countries and works to get rid of
extreme poverty.
India was also the largest recipient of loans from
Germany's state-owned development bank KfW Group and
Japanese Official Development Assistance (ODA) last fiscal
.
However, the country was only the third largest recipient
of external assistance from the Asian Development Bank (ADB).
It was also the second largest recipient of loans from the
European Union in Asia. In terms of the total amount of aid
given by the US in the fiscal, India stood at 27th in the list
of countries. PTI MG
MYR


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