World Bank to loan India $1 bn to clean up Ganga

World Bank to loan India $1 bn to clean up Ganga
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First Published: Wed, Dec 02 2009. 10 49 PM IST
Updated: Wed, Dec 02 2009. 10 49 PM IST
New Delhi: The World Bank will loan India $1 billion (Rs4,630 crore) over the next five-seven years to clean up the Ganga river, one of the world’s most polluted, environment minister Jairam Ramesh said on Wednesday.
The lender will also help India access $4 billion in funds for stopping dumping of untreated waste into the Ganga, according to a joint statement issued by Ramesh and World Bank president Rober Zoellick in New Delhi.
The World Bank has also committed to increase its lending to India to about $7 billion this year from an average $2.3 billion in the previous four years, the finance ministry said in a statement. India has also sought early completion of the process of voice and quota reforms at the World Bank to increase the representation of emerging and developing countries, the ministry said.
In September, the World Bank approved $4.3 billion in loans for India to help finance infrastructure building and to shore up the capital of some state-run banks as the economy recovers from the global financial crisis.
The loans are part of the bank’s $14 billion lending for Asia’s third largest economy over three years through 2012.
The finance ministry also said that the World Bank has sought India’s support in boosting its capital base.
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First Published: Wed, Dec 02 2009. 10 49 PM IST