The House Appropriations Committee yesterday approved funding of $1.293 billion for the World Bank Group and other multilateral development banks for fiscal 1986, a cut of $255 million from the the year before and $54 million less than President Reagan had requested.

Earlier this year, any House funding for the banks had been threatened when a Democratic-controlled subcommittee blocked the appropriations in response to failure by House Republicans to support the administration's requests.

It took a pledge by Treasury Secretary James A. Baker III of a "full court press" by the administration to ensure Republican support to win a reversal of a stand taken by Rep. David R. Obey (D-Wisc.) that the appropriations would be dead for this session unless GOP members backed the proposal.

Yesterday, the committee approved the full $750 million Reagan had asked for the World Bank's concessional loan agency, the International Development Association. The IDA contribution, however, is $150 million below the $900 million appropriated for fiscal 1985.

Similarly, the committee voted to approve the president's requests for the Inter-American Development Bank, which also got less money than the year before. The IADB special operations fund will get $72.5 million for fiscal 1986, only half of the $145 million in fiscal 1985. Paid-in capital for the IABD will be reduced from $78 to $58 million.

The Asian Development Bank will get the president's requested $130 million, down $61 million from the fiscal 1985 figure.

The bill now must pass the full House before going to the Senate for final approval.

Other cuts from the president's requests came in these areas:

*For the World Bank itself, paid-in capital for fiscal 1985 had been $139.7 million. Reagan requested a boost to $182.9 million. The committee voted $151.8 million, down $31 million from the administration request.

*African Development Fund -- Reagan sought $75 million, and the committee voted $62.25 million.

*International Finance Corp.[the World Bank's private sector arm] -- Reagan sought $35 million, the committee voted $29 million.