Roads have been cleared for India to avail four loans worth $4.345 billion from World Bank, as the latter approved this loan for meeting the country's growing needs for infrastructure and economic stimulus program.

WB said in a statement: ''Supporting infrastructure investment is particularly important at this time, not just to sustain total domestic demand at a time of global crisis, but also to lay the foundations for stronger economic growth in the future.''

It is the second largest amount of loan to be lent by WB to any particular country in a single year. The bank has also approved loans to other nations including Hungary, Latvia, Nepal and Vietnam, worth €1.0 billion, $200 million, $71.50 million and $65.2 million respectively.

India is required to use the first three loans, amounting $4.2 billion, for infrastructure and to get its economy out of adverse impact of global slowdown. The loan, as per World Bank, is expected to build a strong foundation for future economic recovery.

S S Kohli, Chairman and Managing Director, IIFCL, said: ''This loan will help IIFCL increase the availability of long-term finance for infrastructure projects across a range of sectors including roads, power, airports, and ports.''