World Bank Loan | Debt burden on India, interest will have to be paid on World Bank loan, know how much debt is on every citizen

File Photo Mumbai: Till now you must have heard about many types of banks. India also has unique banks, some public and some private. And on top of all this is the Reserve Bank, which is monitoring the transactions of these banks. Similarly, there is also a World Bank all over the world, which is an international financial institution that does banking on a global scale. Recently Indian-American Ajay Singh Banga has been appointed as the new head of the World Bank. The World Bank is headquartered in Washington DC and the World Bank provides financial assistance to underdeveloped and developing countries as well as technical assistance and policy advice, but do you know how much interest countries have to pay on World Bank loans? How does the World Bank lend? Which countries have borrowed the most from the World Bank? Today we are here to know…. When was the World Bank established? In 1944, the World Bank was established along with the International Monetary Fund at the Bretton Woods Conference. It is an important part of the United Nations and works closely with the World Bank, the IMF, and the World Trade Organization. The bank provides loans and grants to low and middle income countries for various projects. The World Bank is playing an important role in providing loans for development projects especially to the underdeveloped countries. The bank provides loans for various development projects with a tenure ranging from 5 to 20 years. Read this also How much interest does the World Bank take on loan World Bank gives loans to countries at different interest rates. According to a report, the World Bank offers interest at the rate of 3.10% to India, but the interest rate of the bank may differ in different types of fountains. According to the International Debt Statistics 2022 report released by the World Bank, the debt of already poverty-stricken countries has increased by 12% to Rs 65 lakh crore in 2020 and the situation has worsened due to the Corona crisis. Talking about India, the country has a foreign debt of Rs 42.5 lakh crore. That means every Indian has a debt of Rs 30,776. Interestingly, this burden was Rs 21.9 lakh crore in 2010, but it has grown steadily in the last 10 years and has now reached Rs 42.5 lakh crore in 2020, an increase of 96%. This includes interest of Rs 84,254 crore.