World Bank announces $4.3 bn aid to India
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The World Bank has announced 4.3 billion US dollar financial aid to India through a new innovative and flexible financing arrangement to help the country fight poverty.
This arrangement has been designed in a way to maintain net exposure of the lending arm of World Bank, International Bank for Reconstruction and Development, IBRD within the limit of 17.5 billion dollar established by it.
In a statement, the World Bank said the new arrangement will allow for special bonds to be issued by the World Bank and purchased by India, to offset additional planned lending.
This will enable India to continue accessing long-term, low-interest IBRD finance for development projects aimed at improving the lives of its people, one third of whom are yet to make their way out of poverty.
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