The World Bank would provide loans to India at higher than its existing concessional rates but lower than the market rate.
India was the World Bank's favourite last financial year when it came to extending financial aid in the form of loans, both among developing countries and the world's poorest nations.
The World Bank's executive board unanimously selected 63-year-old Malpass, who is currently Under Secretary of Treasury for International Affairs, as the bank's 13th President for a five-year term beginning April 9.
During that period, the World Bank Group's private sector arm, IFC, committed $1.2 billion in India.
This arrangement, while facilitating a $4.3 billion increase in support to India, is designed to maintain IBRD's net exposure within the limit of US$ 17.5 billion established by the IBRD for lending to a large, highly creditworthy borrower like India.
The Asian Development Bank has given a loan of $313.6 million to the Indian Railways for strengthening its golden quadrilateral project, an official release said on Wednesday.
The government plans to prepay Rs 5,188 crore (Rs 51.88 billion) worth of high cost debts of Asian Development Bank in the current fiscal, after having prepaid Rs 6,378 crore (Rs 63.78 billion) to the World Bank a few days back.
The government on Thursday permitted RBI to invest $4.3 billion in special bonds of the World Bank, which would raise the agency's lending limit to India by a similar amount to $21.8 billion for infrastructure investment.
'Curiously, Pinarayi's approach, stressing the imperatives of development, is robustly backed by Nitin Gadkari.'
'I stand next only to Gadkari, one of the few outstanding ministers in the Modi government, in applauding Pinarayi's political courage and vision,' says Ambassador M K Bhadrakumar.
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