News: India, Pakistan among top ten World Bank borrowers

(IANS 08/08/2006) Washington - India and Pakistan were among the ten largest World Bank borrowers as its lending commitments to South Asia reached $3.8 billion in the 2006 financial year ended June 30.

India received $1.416 billion, or 6 percent of all loans, grants and credits by the Bank's two close affiliates - the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), according to a World Bank press release.

Pakistan's share was a little higher at 6.3 percent with $1.498 billion. South Asia accounted for 16 percent of a total of $23.6 billion committed by the bank, up by $1.3 billion or six percent over the previous year.

Overall, the highest share of $5.9 billion or 26 percent went to the Latin America and the Caribbean region. Africa followed with $4.8 billion or 20 percent of total lending commitments.

Europe and Central Asia had 17 percent with $4 billion; South Asia 16 percent with $3.8 billion; East Asia and the Pacific had 14 percent with $3.4 billion, while the Middle East and North Africa region had seven percent with $1.7 billion.

Mexico and Brazil were the largest borrowers, followed by Turkey, Pakistan, China, India and Argentina.

The commitments of IDA, set up in 1960 to provide interest-free credits and grants to countries with little or no capacity to borrow on their own, reached a record $9.5 billion, a nine percent rise compared to the 2005 fiscal year.

For IBRD - which aims to reduce poverty in middle income and creditworthy poorer countries through loans, guarantees as well as analytical and advisory services - commitments in fiscal 2006 rose by four percent to $14.1 billion, its highest in seven years.