The World Bank announced Wednesday to increase financial support to India by 4.3 billion U. S. dollars through a new innovative and flexible financing arrangement.
The new arrangement will allow India to buy special bonds from the International Bank for Reconstruction and Development (IBRD), the Bank's middle-income lending arm, the Washington-based global lender said in a statement.

"Without taking this action, it would have been difficult for the Bank to assist India meaningfully as it tackles the remaining large challenges of lifting some 300 million out of poverty," said Isabel Guerrero, World Bank Vice President for South Asia.

"India is faced with the challenge of removing bottlenecks in infrastructure and human skill development that can constrain its ability to sustain non-inflationary, rapid and inclusive growth. This has led to growing demands for the Bank's low-cost financing and the institution has been exploring innovations to meet these calls for its services," the statement said.

The World Bank has nearly 80 active projects in India, with several large projects in the critical area of infrastructure, the statement noted.

VietNamNet/Xinhuanet