September 11, 2013 / 11:51 AM / 4 years ago

India cabinet to consider $4.3 billion loans from World Bank arm

NEW DELHI (Reuters) - India’s cabinet will on Thursday consider a finance ministry proposal to borrow an additional $4.3 billion from an arm of the World Bank, according to a cabinet agenda document.

A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo October 10, 2012. REUTERS/Kim Kyung-Hoon

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

India has been scrambling to shore up capital inflows to stabilize its volatile rupee currency.

Writing by Frank Jack Daniel; Editing by Manoj Kumar

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