In 2024, India received significant World Bank financing, in
In 2024, India received significant World Bank financing, including a $1.5 billion loan for low-carbon energy development and a $188 million loan for Maharashtra's economic growth, with the World Bank also supporting various projects in other areas like agriculture and infrastructure.
Here's a more detailed breakdown of India's World Bank loans and activities in 2024:
Key Loan Approvals and Projects:
Low-Carbon Transition:
The World Bank approved $1.5 billion in financing to support India's low-carbon energy development.
Maharashtra Economic Growth:
A $188.28 million loan was approved to support the state's efforts to stimulate economic growth, especially in lagging districts.
Strengthening Institutional Capabilities:
The loan aims to support district planning and growth strategies, including building a data governance architecture and strengthening online service delivery portals.
Agriculture and Rural Enterprise:
The World Bank approved a $325 million loan for the Uttar Pradesh Agriculture Growth and Rural Enterprise Ecosystem Strengthening Project.
Meghalaya Multisectoral Project:
A $35 million loan was approved for the Meghalaya Multisectoral Project for Adolescent Wellbeing, Empowerment and Resilience (MPOWER).
Amaravati Integrated Urban
Development Program:
An $800 million loan was approved for the Amaravati Integrated Urban Development Program.
Kerala Agriculture:
A $200 million loan from the International Bank for Reconstruction and Development (IBRD) was approved to support 400,000 farmers in Kerala, with a focus on increasing productivity and strengthening agricultural value chains.
MIGA Guarantees:
The Multilateral Investment Guarantee Agency (MIGA), the World Bank Group's guarantees arm, issued two major guarantees in India in 2024, including one for the Eastern Dedicated Freight Corridor and another for refinancing an IBRD loan for rooftop solar systems.
Other Notable Activities:
Climate Change:
The World Bank is actively involved in supporting India's transition to a low-carbon economy, including through loans, mobilizing private capital, and scaling up new technologies.
Private Sector Engagement:
The World Bank is working to mobilize private capital to foster sustainable growth in India, including through MIGA guarantees and credit enhancement solutions for state-owned enterprises (SOEs).
India's Economy:
The World Bank attributed a slowdown in India's growth rate to "a slowdown in investment and weak manufacturing growth".
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