The World Bank on Tuesday announced 4.3 billion dollars in loans to India, including 2.0 billion for the banking sector, to help strengthen its economy amid the global economic crisis.
The World Bank said its executive board approved loans for projects in five countries, with the loans for India by far the largest.
The four projects worth 4.3 billion dollars to India are "designed to support the government's infrastructure agenda and bolster its economic stimulus program," the Washington-based development lender said.
The bank noted that after a period of high economic growth -- which reached 9.7 percent in 2006-07 -- the onset of the global financial crisis in 2008 saw a decline in India's growth rate to about 5.0-6.0 percent in the fourth quarter of 2008-2009.
The bank projected a "realistic" growth rate of between 5.5 and 6.5 percent for 2009-2010 for Asia's third-largest economy, after Japan and China.
"This is a crucial time to support India," Roberto Zagha, World Bank country director for India, said in a statement.
"While the worst of the crisis seems to be behind us, doubts linger about the strength of the comeback, partly because the strength of the global recovery is uncertain. Today's support will help maintain credit growth and continued infrastructure investments," he said.