Announcement of India Receives Two Hundred Million Dollars for Industry on February 26, 1976

World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. • Telephone: (202) 393-6360 IDA NEWS RELEASE NO. 76/8 FEBRUARY 26, 1976 INDIA RECEIVES $200 MILLION FOR INDUSTRY Industrial development in lndfa will be assisted by a credit of $200 million from the International Development Association (IDA), an affiliate of the World Bank. The credit will enable some 800 medium- and l~rge-scale enterprises in selected priority industries to maintain and expand production and exports. It will meet part of the industries' foreign exchange requirements of about $990 mi 11 ton during 1976/77 for Imports of raw materials, components and spare parts and will provide $5 million • to meet the foreign exchange cost of technical know-how and balancing equipment required for the modernization of selected industries. The industries selected are vital to the key sectors of agricuiture and power and to further development of engineering goods exports. ·The industries are tractors, power tillers, fertilizers, pesticides, heavy earth moving equipment, electrical generators and boilers, electrical equipment, transformers and switchgear; machine tools, ·commercial vehicles and automotive ancillaries. The IDA credit to lndla Js for SO years, lncludWng 10 years of grace. It will be interest-fr.ee, but will carry a service.charge of 3/4 of 1% to cover IDA's administrative costs. Note: Money figures are expressed in U.S. dollar equivalents • •