World Bank to lend 1 billion dollars to AP

Hyderabad, Oct 23: World Bank Managing Director Greame Wheeler today said Andhra Pradesh would get one billion dollars for the developmental activities it was taking up.

Talking to mediapersons here after a meeting with Chief Minister Y S Rajasekhara Reddy, Mr Wheeler said the World Bank had also offered 500 million dollars for the major irrigation initiative the state government had taken up.

Mr Wheeler lauded the strides the Indian government was taking and said the country would be the third major economic power in the world after the US and China.

He added that the World Bank was interested in financing Self Help Groups that were functioning very well in Andhra Pradesh.

Empowering women through SHGs would be accomplished through proper funding.

Answering questions on the conditions imposed on the Indian economy, the World Bank MD said they were simple like any banker imposed on a lender and had nothing to do with running the economy of the borrowing country.

UNI