World Bank to lend $14 bn to India for infrastructure projects

December 12th, 2008 - 10:24 pm ICT by IANS  

New Delhi, Dec 12 (IANS) The World Bank will provide $14 billion to India over the next three years to facilitate infrastructure development projects and to achieve the Millennium Development Goals, the bank said Friday. The package will be under World Bank Group’s new Country Strategy for India, it said in a statement.

“The World Bank Group is tailoring its assistance to India both to fast-track much-needed infrastructure development and to support the country’s seven poorest states achieve better living standards,” the Bank said.

Part of the loan would be spent in the seven low-income states - Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa, Rajasthan and Uttar Pradesh - to support the poverty reduction programmes.

“The strategy is designed to boost support to these states, but also not to forget about the poorest people in India’s middle income states,” said World Bank economic advisor Giovanna Prennushi in a statement.

“The World Bank and the government will jointly implement a more rigorous project selection process than in the past,” World Bank acting country director for India Rachid Benmessaouds said.

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