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ADB to grant loan of $8 billion between 2007-09

ADB to grant loan of $8 billion between 2007-09
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First Published: Fri, Mar 16 2007. 06 59 PM IST
Updated: Fri, Mar 16 2007. 06 59 PM IST
PTI
New Delhi: Manila-based Asian Development Bank (ADB) has tentatively finalised to provide a loan of $7.95 billion under country strategy programme for 2007-09, Lok Sabha was informed today.
The ADB will make efforts to increase its lending to India from $2.45 billion in 2007 to $2.65 billion in 2008, and to $2.85 billion in 2009, Minister of State for Finance Pawan Kumar Bansal said in a written reply.
The loans are in sectors identified by the government to combat poverty through infrastructure-led growth, he said adding nearly 77% of the three-year programme focuses on core infrastructure projects.
In a reply to another question, Bansal said India is at third position among borrowers form the International Bank for Reconstruction and Development (IBRD) and at the first position among borrowers from International Development Association (IDA). These are the two windows of assistance from the World Bank.
IBRD has committed a loan of $885 million, while IDA has committed $1,565.8 million as on 28 February, he said.
On the issue of non-banking finance companies, Bansal said as on 28 February, 13,034 NBFCs are registered with the Reserve Bank of India.
Of these, 442 companies have been reported to have vanished after taking deposits from the public, he said.
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First Published: Fri, Mar 16 2007. 06 59 PM IST