The World Bank on Wednesday approved its largest ever annual loan package to India as it sought to speed the country’s recovery from the global economic downturn with targeted support for the banking sector and infrastructure development.

Loans of $4.3bn were intended to shore up the capital of public banks and finance infrastructure spending to help Asia’s third-largest economy recover from the “heart attack” of the global financial crisis, Roberto Zagha, the World Bank’s country director for India, said.