World Bank nod for $4.3 bn aid to India

The World Bank has announced $4.3 billion financial aid to India through a new innovative and flexible financing arrangement to help the country fight poverty. This arrangement, while facilitating a $4.3 billion increase in support to India, is designed to maintain International Bank for Reconstruction and Development's (IBRD), which is its lending arm, net exposure within the limit of $17.5 billion 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.