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2009-10-15

India, World Bank signs deals

A $4.2 billion (around Rs 20,000 crore) deal was finalized between India and the World Bank yesterday. The deal was to credit the country's infrastructure projects and also for recapitalising the publ

A $4.2 billion (around Rs 20,000 crore) deal was finalized between India and the World Bank yesterday. The deal was to credit the country's infrastructure projects and also for recapitalising the public sector banks.    

 

State-run PowerGrid Corp of India, India Infrastructure Finance Company Ltd (IIFCL) signed pacts for $1 billion and $1.195 billion respectively.    

 

A deal of $2 billion to recapitalise the state-run banks was signed between central government and the bank. It mainly aimed at infusing capital during 2009-2011 to maintain credit expansion and combat slowdown.

 

The International Bank for Reconstruction and Development, an arm of the World Bank has also sanctioned a loan for the banking sector and PowerGrid and has a maturity period of 30 years, while that to IIFCL has a 28-year maturity, with some grace periods.

 

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