India to receive $1.6 billion in aid from Britain

London, Feb 15: Britain said on Feb 14 that it will give India an aid of $1.6 billion over the period of the next four years. Surprisingly, this comes after earlier suggestions by the British Government that it could slash development funds that are being sent to India.

The aid, which is estimated to be around $40 million a year, is expected to be given in order to pursue development work in Bihar, Madhya Pradesh and Orissa. A major chunk of the aid is also expected to go to the private sector.

Although India, which is growing at a rapid pace, is expected to benefit from the aid, two of the world's poorest nations - Cambodia and Moldova - stand to lose a lot as Britain has planned to end its financial assistance to both these countries.

Britain is one of the world's largest aid givers and the current Government has announced that it will soon stop providing financial assistance to China and Russia.

OneIndia News