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The World Bank has lent a record $9.3 billion to India in FY10

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[Narrator] The World Bank's support to India will reach a total commitment of $9.3 billion by the end of June this year-- a significant increase over the $2.2 billion the Bank lent to India last fiscal year, and the Bank's highest annual lending to any country. Spread across 25 new projects, the loans are aimed at helping India sustain the high growth needed to lift millions out of poverty. [Roberto Zagha, World Band Country Director in India] Challenges are huge wherever you look--in infrastructure, water, roads, railways, urban infrastructures, sewage, water treatment plants, education, health. And in India the last few years, under the eleventh plan and the twelfth plan that has been prepared has, we understand, even more ambitious targets. [traffic noises] The increased lending is in response to the government of India's request of additional Bank support to help the country insulate its capital markets from the global slowdown, to remove infrastructure constraints to high growth, and to continue delivering essential social services, like better schools, hospitals, roads, and electricity to the people. The biggest areas are, one, infrastructure, reflecting the government acceleration of its investments in infrastructure. The second has been education. India has a huge primary education program, which has an ambition of having every Indian child in school learning and learning well. There's a big emphasis on learning achievements. [Narrator] The needs of India's fast growing economy are huge. Its government estimates the country will require $1 trillion for infrastructure investment alone during the period of the next 5-year plan, starting 2012. That $9 billion of commitment looks very high, very large. This is high for the Bank, it's unprecedented in India, but it's small in comparison to the challenges that India faces. It is less than one percent of its GDP. [Narrator] The increase in bank commitments is also in line with guidance from the G-20, which has directed international financial institutions to step up lending to emerging economies whose growth had played such an important role in sustaining the global economy during the financial slowdown. The financial institutions, both the IMF, the World Bank, and other regional banks were guided by the G-20 to finance as much as they could these responses by developing countries, and to ensure that it is directed to infrastructure, making sure that the planned investments in infrastructure were not delayed by the crisis and the disruption in capital markets. [children singing] [Narrator] Since then, the bank has made commitments of $120 billion globally-- a record sum for the institution.

Video Details

Duration: 3 minutes and 1 second
Country: United States
Language: English
Producer: World Bank
Director: World Bank
Views: 93
Posted by: worldbank on Jun 24, 2010

The World Bank's lending to India for fiscal year ending June 2010 will reach $9.3 billion; of this, $2.6 billion came as interest free credits from IDA (the International Development Association) and $6.7 billion was in the form of long-term, low-interest loans from IBRD (the International Bank for Reconstruction and Development).

The World Bank's lending to India for fiscal year ending June 2010 will reach $9.3 billion; of this, $2.6 billion came as interest free credits from IDA (the International Development Association) and $6.7 billion was in the form of long-term, low-interest loans from IBRD (the International Bank for Reconstruction and Development).

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