The World Bank has approved $4.3 billion loan for India for the sake of projects designed to lift the country’s infrastructure and economics stimulus program.

Talking to media, Mr. Roberto Zagha, World Bank Country Director for India, said, “This is a crucial time to support India. While the worst of the crisis seems to be behind us, doubts linger about the strength of the comeback. Today's support will help maintain credit growth and continued infrastructure investments.”

According to the statement issued by the World Bank, the economy will witness decline in its projected growth rate of between 5.5% and 6.5% for the years 2009 and 2010. 

The World Bank loan also includes $2 billion for the state owned banks. 

The World Bank said, “The issued loan will prevent shortages of capital from leading to a slowdown in credit growth, and provide a capital buffer to public sector banks to absorb the possible increase in non-performing assets.”

The World Bank also revealed that $150 million loan has been sanctioned for the Andhra Pradesh Rural Water Supply and Sanitation Project. Another $1 billion loan is approved for the Indian’s electricity transmission system. 

Countries like Vietnam, Hungary, Latvia and Nepal also received smaller loan from the World Bank.