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World Bank considering to raise sovereign borrowing limit

World Bank considering to raise sovereign borrowing limit
PTI
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First Published: Sun, Apr 19 2009. 12 26 PM IST
Updated: Sun, Apr 19 2009. 12 26 PM IST
New Delhi: The World Bank has said that it is considering to raise the borrowing limit of individual countries, an issue which was pressed by India at the G-20 meeting in London to increase flow of funds to developing countries from the multilateral lending agency.
“Discussions are underway (for raising single borrower limit) but a decision has not been made,” a World Bank spokesperson told PTI.
At present, a country can borrow up to $15.5 billion as per the SBL (single borrower limit) fixed by the Bank.
Raising the issue at the G-20 London meeting, India urged the Bank to raise the SBL to fill the funding gap created in developing economies by the withdrawal of private capital flows from rich nations.
The increase in borrower limit, India argued, was necessary to help the developing countries pump in more funds in infrastructure sector and fight the impact of global financial meltdown.
The SBL issue, according to the Bank, is addressed by the Board of Directors as part of the annual income review exercise.
India, the official sources said, also underlined the need for expeditious clearance of projects by the Bank to increase flow of funds into the infrastructure sector projects.
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First Published: Sun, Apr 19 2009. 12 26 PM IST