Wolfowitz says India is going towards smaller levels
Wolfowitz says India is going towards smaller levels
India is going towards smaller levels of World Bank lending, and that too mainly for the technical assistance that comes with the loans, World Bank president Paul Wolfowitz told FE on the sidelines of the IMF-World Bank annual meeting here on Monday.
For the past 20 years, the Banks focus has been on reducing poverty. However, India and China—the two countries with the largest number of poor people—have been witnessing rapid growth and easy access to foreign capital through FDI and FII inflows.
In the last 10 years, China has borrowed just $10 billion from the Bank, and that too mainly for the technical assistance. Wolfowitz sees India going the same way. An Indian project faces the choice between borrowing from the Bank or borrowing from global financial markets. This choice is made based on the interest rate and the technical knowledge that comes attached with the Bank loans.
More : financialexpress.com
