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4.3 b dollar World Bank loan to India for infrastructure projects | The World Bank on Tuesday approved a 4.3 billion dollars loan for India to finance infrastructure projects, to help maintain credit growth levels, employment growth,
support social banking and help strengthen the economic recovery from the global financial crisis. The loan includes a 2 billion dollar loan, which is designed
for Banking Sector Support Loan, which would to boost the capital of state banks
and maintain credit growth. While, a loan of 1.2 billion dollars was to the India
Infrastructure Finance Company Ltd. (IIFCL) to support its role to catalyze private
financing for public-private partnerships in (PPPs) infrastructure and stimulates
the development of a long-term local currency debt financing market. A loan of
1 billion dollars was approved for the Power Grid Corporation of India for the
Fifth Power System Development Project, in order to look into the shortage of
power in the country. Roberto Zagha, World Bank country director for India, said
that the logic of these four loans is to support India's economic recovery by
enabling enterprises to get access to credit and to enable investment in infrastructure.
He further said that it was a long-term need on infrastructure that India has
so it makes sense to increase the spending to maintain the high level of employment.
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