World Economy

India to Get $1b WB Loan

India to Get $1b WB LoanIndia to Get $1b WB Loan

The World Bank said on Thursday it would lend India more than $1 billion for its huge solar energy program, after Prime Minister Narendra Modi sought climate change funds from its visiting head, Reuters reported. Modi is banking on India’s 300 days a year of sunshine to generate power and help fight climate change rather than committing to emission cuts like China. The World Bank loan is the global lender’s biggest solar aid for any country and comes as India has set a goal of raising its solar capacity nearly 30 times to 100 gigawatts by 2020 and is attracting mega investment proposals from top companies and institutions.