Country-specific currency lending will reduce borrowing cost: WB

Mumbai: The World Bank (WB) is mulling local currency lending in countries likeIndia to help borrowers save on costs, a senior official said on Friday.

“How do we do local currency lending for a country like India is also something we are trying to think of at a price which is advantageous to this country,” Anshula Kant, Managing Director and Chief Financial Officer of the World Bank, said.

Speaking at the event on global economy organised by the Ministry of Finance and the Reserve Bank of India (RBI) as part of India’s G-20 Presidency, Kant said the Indian government has a ‘huge advantage’ in local currency borrowing as compared to the World Bank, even though the Washington DC-based multilateral bank is rated AAA.