India largest recipient of World Bank loans in 2009-2010
NEW DELHI: India was the World Bank's favourite last fiscal when it came to extending financial aid in the form of loans, both among developing countries and the world's poorest nations.
The World Bank, through its lending arms IBRD and IDA, committed USD 9.3 billion in financial assistance to India in the 2009-10 fiscal, more than the aid committed by the US and the European Union.
The International Bank for Reconstruction and Development (IBRD) committed USD 6.7 billion, or 15.1 per cent of its total lending in the fiscal, to India, according to government officials. In comparison, the second highest recipient, Mexico, got USD 6.4 billion.
Next in line were South Africa ( USD 3.8 billion), Brazil (USD 3.7 billion) and Turkey (USD 3.0 billion). IBRD serves middle-income countries with investment and advisory services.
The World Bank's concessionary lending arm, the International Development Association (IDA), which helps the world's poorest countries, committed 17.7 per cent of its total aid, amounting to USD 2.6 billion, to India in 2009-10.
In contrast, the IDA committed USD 1.4 billion to Vietnam and USD 0.9 billion each to Tanzania, Ethiopia and Nigeria.
It aims to reduce poverty by providing interest-free credit and grants for programmes that boost economic growth, reduce inequalities and improve people's living conditions.
Even in terms of actual disbursement, India was the largest recipient of World Bank financial assistance last fiscal, with a total of USD 4.7 billion --IBRD (3.4 billion) and IDA (1.3 billion) --being released, officials informed.
The country was also the largest recipient of assistance from other external funding agencies like the International Fund for Agricultural Development (IFAD) and the UK's Department for International Development (DFID).
However, in view of shrinking land resources, Delhi government is considering setting up of a 'land bank' which will cater to future requirements of the industrial sector in the national capital.
Initially, the 'land bank' is likely to comprise vacant land acquired by the city government or its nominated agencies for developing industrial infrastructure.
"Creating land bank is significant to a plan for infrastructure and industrial asset development in a balanced manner," said a senior official.
The land bank may also comprise plots available with the government for auction or land acquired in urban areas for redevelopment and setting up of public facilities, the official said. The industrial policy of Delhi, which was unveiled by chief minister Sheila Dikshit earlier this month, also favoured creation of a land bank for future needs of industrial development in the city.
WASHINGTON: Jean-Pierre Landau, left, deputy governor of the Bank of France, talks with Mark Carney of the Bank of Canada, on the veranda of the Jackson Lake Lodge, during a break from the morning session of the annual Federal Reserve conference. -Afp