The World Bank has announced four new Bank loans and International Development Association credits for India totaling $ 913.8 million taking the figures for the current fiscal's lending to India to $ 2.5 billion. The funds will help India support programs vital to lasting poverty reduction at the national, state and local levels, a release by the Bank said on Friday.
"The Government of India's strategy for poverty reduction encompasses a range of initiatives from community-level projects to nation wide development of social and infrastructure programs," said Edwin Lim, Country Director for India.
"These projects support the Government strategy and balance broad economic growth and equitable access to basic services", he added. Reinforcing Government of India's initiatives to support economic reforms at the state level, two of the loans and credits approved today support reforms and poverty reduction within the state of Karnataka.
The Karnataka Watershed Development Project to provide improved services to poor communities in semi-arid regions gets $ 100.4 million while Karnataka Economic Restructuring Project, which supports efforts to improve fiscal stability and government effectiveness in the state has been provided $ 150 million.
Bureau Report