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|May 15, 1998||
$ 8.1 billion loan will not be affected: World Bank
The $ 8.1 billion loan disbursal from the World Bank for various projects in India will not be affected by the developments following the nuclear tests conducted by it.
World Bank Country Director (India) Edwin R Lim told the media that disbursement of a loan does not have to be approved by the Bank's board of directors.
The annual World Bank loan of $ 3 billion will, however, have to be approved by the directors.
The 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, where the donors and international financial institutions like the World Bank decide the quantum of aid to be given. This year, however, Tokyo decided to host the IDF meeting. It has, however, withdrawn the offer in view of India conducting the nuclear tests.
The IDF meeting was scheduled to take place in June.
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