News

World Bank says $8.1 billion loan to stand
The 8.1 billion dollar loan from the World Bank for disbursement among various projects in India will not be affected by developments following the nuclear tests conducted by it. Country Director (India) of the World Bank Edwin R Lim, said disbursement of loan does not have to be approved by the board of directors of the bank. Lim said those loans not approved will go to the directors. The annual world bank loan of three billion dollars per year will, however, have to be approved by the directors of the bank. The World bank official said the Japanese government's decision to withdraw the offer to hold the India Development Forum meeting in Tokyo was being carefully studied by the bank. The venue and timing of the IDF meeting has to be decided, he said. The IDF meetings are traditionally held in Paris. This year, however, Tokyo decided to host the IDF meeting. It has however withdrawn the offer in view of India conducting the nuclear tests.