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Sanctions touch $3.8 b in financial year ended June2007

K.R. Srivats

New Delhi, July 9 The World Bank hopes to ramp up its loan exposure to India during the current year on the back of an all-time record loan sanction it made during the financial year ended June 2007.

During the financial year ended June 2007, the World Bank’s loan sanctions to India touched $3.8 billion, the largest ever in the history of the engagement of India and the bank for any single country.

This represented a 169 per cent increase over the previous year’s lending of $1.4 billion.

The loan sanction of $3.8 billion include IDA credit of $2.32 billion and IBRD loans of $1.5 billion.

In addition, IFC has funded $700 million in different projects in India.

Official sources said that the World Bank Executive Director, Mr Dhanendra Kumar, has in a communiqué to the Union Finance Secretary, Dr D. Subbarao, noted that a similar momentum in loan sanction would be maintained during the current year when a number of new and innovative projects designed in India are being lined up on the trot.

A major portion of the World Bank’s FY-07 total lending — $1.6 billion – would support government rural development initiatives and one-third of IBRD lending for infrastructure, including components for Bharat Nirman.

Since 1995, IDA has supported India with $11 billion through 62 projects. hree quarters of IDA lending has gone to rural development (28 per cent), health and nutrition (26 per cent) and education (20 per cent).

Some of the major projects approved during the FY-07 include restoration of water bodies, vocational training improvement through upgradation of industrial training institutes, strengthening of rural credit cooperatives and Bihar rural livelihoods project.

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