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India to get $5 billion a year as overseas aid from World Bank

During the year ended June 2012, the World Bank Group extended loans of $3.2 billion for various projects, including the national mission clean Ganga project

The World Bank on Wednesday assured India of funds to the tune of $3-$5 billion every year for the next four years to assist development projects and poverty eradication programmes.

 

“The World Bank Group would work towards continuing its level of annual assistance of $3- $5 billion to India over the next four years,” World Bank president Jim Yong Kim told reporters.

 

During the year ended June 2012, the World Bank Group extended loans of $3.2 billion for various projects, including the national mission clean Ganga project.

 

Kim, who is on a three-day visit to India for the first time after taking over as president last year, said that the Bank will complement its enhanced financial lending with technical assistance and knowledge services to help India improve implementation of its development programmes.

 

Asked whether the World Bank plans to close the International Development Association (IDA) soft loans window for India as it has become a middle-income country, he said: “We are in the middle of discussions right now about our IDA strategy ... we are going to be as creative as possible to maintain our commitment to India at very high levels.”

 

“The bank is concerned about the poor, and about 400 million people live in India,” Kim said.

 

“We hope, especially working through IFC, $3-$5 billion can leverage many more billions for investment in India. We believe that India is a good investment and we will deepen our engagement as much as we can use every bit of flexibility and creativity to get there,” he added.

 

Kim said that India has the potential of achieving a higher growth than 6% projected for the next fiscal.

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COMMENTS

Anil Agashe

4 years ago

So WB hasno fears of India being down graded! Victory for PM and FM?

Argentinean Cardinal Jorge Mario Bergoglio elected as Pope Francis I

Bergoglio is the first Jesuit first Latin American to become pope and is believed to have been the runner-up in 2005

Argentinean Cardinal Jorge Mario Bergoglio was elected Pope Francis I on Wednesday, becoming the Roman Catholic church’s first Latin American pontiff after a conclave to elect a leader of the world’s 1.2 billion Catholics.

 

The 76-year-old conservative emerged from the balcony of St Peter’s Basilica to the cry of “Habemus Papam!” (“We Have a Pope!”), as tens of thousands of pilgrims clambered over barriers and broke down in tears, overcome with emotion after suspenseful prayer vigils worldwide.

 

White smoke earlier billowed from the Sistine Chapel and the bells of St Peter’s Basilica rang out, signalling the election had taken place after five rounds of voting in the Vatican—one more than when Benedict XVI was elected in 2005.

 

Bergoglio is the first Jesuit to become pope and is believed to have been the runner-up in 2005.

 

The first wisps of smoke in the evening sky prompted cries of “Long live the pope!” from pilgrims clutching rosaries and waving flags in the square, where the image of the tiny copper chimney was projected onto four giant screens.

 

Bergoglio, who is the 266th Pope in the Catholic Church’s 2,000-year history, retired to a chamber known as the “Room of Tears” immediately after the nomination to don his papal vestments and then prayed in the Pauline Chapel.

 

Bells pealed in churches across Italy to celebrate the announcement and residents of Rome could be seen racing to the floodlit 17th-century Vatican plaza, running out of their homes and cafes to reach the square in time.

 

Cardinals have been locked up behind the Vatican walls and cut off from the outside world since Tuesday, meeting in a sublime Renaissance chapel swept for recording devices and installed with scramblers to prevent any communication.

 

The historic election after Benedict’s abrupt resignation last month was being followed around the world on live television as well as through social media and smartphone apps—this is the first ever tweeted conclave.

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