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India hand-in-hand with World Bank
Sep 2008
India is one of the 'founding fathers' of WB.
India was among the 17 original participants of the 1944 Bretton Woods conference which conceived the idea of the International Bank for Reconstruction and Development (IBRD) more commonly known today as the “World Bank”. In fact, it was the India delegation which first suggested the name IBRD. The Bank's New Delhi office, established in 1957, is the oldest continuously functioning World Bank country office.
WB loans are a cheap source of financing.
India receives roughly half of its World Bank loans interest free. These are provided by the Bank's International Development Association. This agency provides grants and “credits”, which are loans at zero interest, with a 0.75 percent finance charge. The remaining half of World Bank loans to India are provided by the International Bank for Reconstruction and Development, another World Bank agency that provides loans at low interest rates. Countries that borrow from the IBRD have more time to repay than if they borrowed from a commercial bank15 to 20 years with a three-to-five-year grace period before the repayment of principal begins.
India is the largest recipient of WB financial assistance.
India remains the Bank's largest single borrower. The bulk of new lending has gone to much-needed infrastructure and human development projects, reflecting the rapid growth of India's economy.
WB relies on local expertise.
The World Bank office in New Delhi has around 140 professional staff members, of which around 95 percent are Indian nationals who specialize in areas such as education, health, financial management, resource management, information technology and communications. The Bank also works closely with the Indian government, civil society and communities in designing its support for the country. Most importantly, the World Bank's overall assistance to the country is specifically designed to support the goals outlined in the Government's Five Year Plans.
WB has joined hands with India in the fight against HIV/AIDS.
World Bank is the largest financers of India's National Aids Control Program (NACP) with a commitment of around US$275 million in interest-free credits. The assistance has helped the government develop its ability to manage HIV/AIDS programs at the central and state level and has enabled important gains in improving blood safety, expanding surveillance to understand the scope of the problem, and scaling up activities aimed at prevention and treatment. With support from the World Bank and other donors, the government set up state AIDS bodies in 25 states and seven Union territories.
WB is helping to energize India.
For 50 years, World Bank assistance to India's energy sector has covered oil and gas, coal, power projects and alternative sources of energy. WB has been a key partner in the government's efforts to develop its national power grid, and has provided technical assistance aimed at increasing the access of poor people to electricity and clean, affordable fuel.
WB shares India's vision of 'Education for All'.
WB is helping the country bring all children into elementary school, especially girls, children from disadvantaged groups such as scheduled castes and tribes, and children with disabilities. The bank's support for the Government of India's nation-wide Education for All program - Sarva Shiksha Abhiyan (SSA) is not only helping the country to universalize education for 6 to 14 year-olds by 2010, but also working to improve its quality.
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