Tuesday, August 8 2006 10:59 Hrs (IST) - World Time -

Washington: India and Pakistan are among the ten largest World Bank borrowers as its lending commitments to South Asia reaches $3.8 billion in the 2006 financial year ended June 30.

India receives $1,416 million, or 6 percent of all loans, grants and credits by the Bank's two close affiliates - the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), according to a World Bank press release.

Pakistan's share is a little higher at 6.3 percent with $1,498 million. South Asia accounts for 16 percent of a total of $23.6 billion committed by the bank, up by $1.3 billion or six percent over the previous year.

Overall, the highest share of $5.9 billion or 26 percent goes to the Latin America and the Caribbean region. Africa follows with $4.8 billion or 20 percent of total lending commitments.

Europe and Central Asia has 17 percent with $4 billion; South Asia 16 percent with $3.8 billion; East Asia and the Pacific had 14 percent with $3.4 billion, while the Middle East and North Africa region has seven percent with $1.7 billion.

Mexico and Brazil are the largest borrowers, followed by Turkey, Pakistan, China, India and Argentina.

The commitments of IDA, set up in 1960 to provide interest-free credits and grants to countries with little or no capacity to borrow on their own, reaches a record $9.5 billion, a nine percent rise compared to the 2005 fiscal year.

For IBRD which aims to reduce poverty in middle income and creditworthy poorer countries through loans, guarantees as well as analytical and advisory services, commitments in fiscal 2006 rose by four percent to $14.1 billion, its highest in seven years.