The World Bank on Wednesday committed itself to providing an annual funding of $3 to $5 billion to India for the next four years in order to give a boost to development projects in healthcare and poverty eradication programmes.
The World Bank Group would work towards continuing its level of annual assistance to India over the next four years, said Jim Yong Kim,President,World Bank Group.
This would be in tune with the current level of assistance provided to India. During the 12 months ending June 2012,the multilateral funding agency had given a loan of $3.2 billion to India for projects including the National Mission to clean Ganga.
Expressing concern over the vast population living below the poverty line,Kim also promised to review the issue soft loans to India,which is provided through the International Development Association.
The IDA traditionally provides loans only to the poorest of countries and India has now moved to a middle income group country,which is served only by the World Banks original lending arm International Bank for Reconstruction and Development.
Kim,who was on a three day visit to the country,said the Bank will complement its enhanced financial lending with technical assistance and knowledge services to help India improve the implementation of its development programmes.
We hope,especially working through IFC,$3 to $5 billion can leverage many more billions for investment in India. We believe India is a good investment and we will deepen our engagement… using every bit of flexibility and creativity to get there, he said.