World Bank to continue USD 6 bn annual lending to India

World Bank to continue USD 6 bn annual lending to India

Agency News

New Delhi, Oct 26: World Bank President David Malpass on Saturday said said the international financial institution will continue with USD 6 billion lending target for India.

As many as 97 projects are currently being executed with loan assistance from the World Bank, he said addressing a press conference here.

"World Bank right now has 97 projects with USD 24 billion committed. So, we expect the programme to continue and to reflect the projects and reforms that were going on in India. Maybe USD 5-6 billion per year," he said.

Mr Malpass said India needs to ensure commercial courts can deliver faster. He said he also spoke to Prime Minister Narendra Modi about the importance of data collection and systems.

He said every country needs to improve systems to increase investments.
Mr Malpass also pointed out that India is being impacted by the global economic environment. The World Bank president maintained that openness to reforms will lead to further growth and added that India has taken a good step by cut in corporate tax rate.

He emphasised that India's growth will be assisted by innovations in the financial sector. The visiting dignitary spoke about progress in India after the country has notched up 14 ranks in ease of doing business this year, says India has made progress on registering businesses, insolvency resolution and construction processes. Digitisation of land data and making land data readily available is important to facilitate easy buying and selling of land, he stated.

Earlier in the day, Mr Malpass met Prime Minister Modi and Finance Minister Nirmala Sitharaman. The World Bank president reached here on Friday and is on a four-day visit to India from October 25 -28. (UNI)