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The World Bank Group committed US$6.6 billion in fiscal year which ended on June 30 to South Asia, where India is the largest borrower. A major part of the money which has been lent is focused on helping the countries to cope with the impact of the global economic crisis.
Key to the Bank's strategy in South Asia is scaling up of the existing programmes that are delivering results.
In India, a $400 million loan was extended for the improvement of access to finance for the Small and Medium Enterprises (SMEs) that face severe challenges in accessing adequate and timely financing on competitive terms. Within South Asia, India was the largest borrower from the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), accounting for $2,242 million.
Pakistan was the second largest borrower with US$1,609 million (IDA), followed by Bangladesh at $1,096 million (IDA), the Bank said.
With an increase of US$1.1 billion over the previous year, the Bank invested in 89 projects to promote economic growth, fight poverty, and assist private businesses, including nearly US$2 billion in infrastructure financing, a critical sector to provide the foundation for rapid recovery from the crisis and job creation.
Globally, the World Bank Group committed US$58.8 billion in fiscal year 2009, up 54% from fiscal year 2008.
