DHAKA: India’s cabinet will on Thursday consider a finance ministry proposal to borrow an additional US$4.3 billion from an arm of the World Bank, according to a cabinet agenda document.

Under the proposal India would borrow the money from the International Bank of Reconstruction and Development (IBRD), a World Bank subsidiary, according to the note seen by media on Wednesday, which did not give more details.

It was not immediately clear how quickly the money would reach India if approved, or the terms of such loans.

A World Bank spokeswoman said she could not immediately comment, reports The Straits Times.

The IBRD usually gives such loans for development and infrastructure programmes, which are often disbursed in tranches over a long period.

BDST: 1903 HRS, SEPT 11, 2013
RoR/GCP