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Article: World Bank loans will be spent on infrastructure: Mukherjee
- Article from:
- The Hindustan Times
- Article date:
- September 23, 2009
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Kolkata, Sep. 23 -- Finance Minister Pranab Mukherjee Wednesday said 95 percent of the $4.3 billion World Bank grant would be spent on developing the country's infrastructure.
"The World Bank has sanctioned $4.3 billion loans for India. At least 95 percent of the fund will be used for developing infrastructure," Mukherjee said while addressing the 108th annual general meeting of the Merchants' Chamber of Commerce (MCC) here.
"Of this total grant, $2 billion will go to the banking sector for expanding the volume of credits available to firms," he said.
The World Bank has also sanctioned $1.2 billion for India Infrastructure Finance Co Ltd ...