Latvian, Indian Banks to Receive World Bank Loans

The World Bank has approved $282.65 million for Latvia's banking sector,

reports. The loan will be used to strengthen the liquidity and solvency of Latvia's banking system as well as improve costumer protection in the financial sector and help prevent debt foreclosures. Meanwhile, the global lender is also giving $2 billion loan for India's banking sector. The amount will help the country gear up against the global economic crisis, according to

.

About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.