The World Bank on Friday announced $1.73 billion in loans to India, including $1.5 billion to fund a state project to build 24,000 kilometres (14,880 miles) of rural roads across seven states. The global lending agency also provided $255 million to the first phase of an Indian project to mitigate the effects of cyclones, World Bank president Robert Zoellick said after the signing of the two separate agreements.
The loan to bolster the federal government's road project is the largest to be approved by the World Bank and is aimed at benefiting millions of people in India, Asia's third-largest economy after Japan and China. The two agreements were signed after Zoellick held talks with Finance Minister Pranab Mukherjee and Prime Minister Manmohan Singh in New Delhi.
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