New Delhi,July 24: The World Bank Group on Wednesday committed USD 15-18 billion loan to India over the next three years as it supports the country’s potential 9 percent growth rate.
World Bank Group President Jim Yong Kim said,”We did not discuss specific funding issues. Over the next three years on the public side of operations we can provide India with USD 15-18 billion and on the private side (IFC) of things a minimum of USD 3.5 billion.”
International Finance Corporation (IFC), a member of the World Bank Group, finances and provides advice for private sector ventures and projects in developing countries.
India is the largest client for the World Bank Group. India received USD 5.2 billion loan last fiscal. In the past three years, India had received about USD 9.8 billion loan from the Workd Bank Group.
Yong Kim further said, “From my discussions with Prime Minister (Narendra) Modi and (Finance) Minister Arun Jaitley, it is clear that they are committed to increasing India’s economic growth. I assured them that the World Bank Group will bring to bear all possible knowledge and financing to help them in this task.”