World Bank chief to discuss India's development needs with PM
Updated: Jul 21, 2014 12:29:47pm
New Delhi, Jul 21 (KNN) Amidst the developing countries looking for more commitment from the World Bank and the IMF for their development needs, World Bank Group President Jim Yong Kim will be meeting Prime Minister Narendra Modi to review key development priorities.
World Bank Group assistance to India between July 2013 and June 2014 amounted to USD 6.4 billion, according to a World Bank press release.
Kim, who arrives here today on a three-day visit, will be meeting Modi and Finance Minister Arun Jaitley to determine how the financial and knowledge resources of the World Bank Group can be best allocated to support development projects.
He will also visit Bank-supported project sites in Tamil Nadu to see the challenges of India's rural-urban transformation, and how, empowered with the right skills, rural women in the state are taking advantage of emerging urban employment opportunities.
In line with its aim to support the government’s development priorities, recent collaborative efforts between the Government of India and the World Bank Group have ensured that India continues to receive high levels of financial assistance from the World Bank Group.
Recognizing India as a key partner in ending global poverty, the International Development Association (IDA) deputies have provided Transitional IDA funds worth USD 3.4 billion for the next three years. For International Bank for Reconstruction and Development (IBRD) lending, the single borrower limit for India has recently been increased to USD 20 billion from USD 17.5 billion, and the Government of India agreement to purchase Special Private Placement Bonds of up to USD 4.3 billion -- all geared to help create additional borrowing options for India, the press release said.
In addition, the World Bank Group’s private sector arm, the International Finance Corporation (IFC) has successfully mobilized its USD 1 billion offshore rupee bond program, aimed at strengthening India’s capital markets and attracting foreign investments.
Today, India is home to the largest operations of the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), and the International Finance Corporation (IFC). (KNN/ES)
World Bank Group assistance to India between July 2013 and June 2014 amounted to USD 6.4 billion, according to a World Bank press release.
Kim, who arrives here today on a three-day visit, will be meeting Modi and Finance Minister Arun Jaitley to determine how the financial and knowledge resources of the World Bank Group can be best allocated to support development projects.
He will also visit Bank-supported project sites in Tamil Nadu to see the challenges of India's rural-urban transformation, and how, empowered with the right skills, rural women in the state are taking advantage of emerging urban employment opportunities.
In line with its aim to support the government’s development priorities, recent collaborative efforts between the Government of India and the World Bank Group have ensured that India continues to receive high levels of financial assistance from the World Bank Group.
Recognizing India as a key partner in ending global poverty, the International Development Association (IDA) deputies have provided Transitional IDA funds worth USD 3.4 billion for the next three years. For International Bank for Reconstruction and Development (IBRD) lending, the single borrower limit for India has recently been increased to USD 20 billion from USD 17.5 billion, and the Government of India agreement to purchase Special Private Placement Bonds of up to USD 4.3 billion -- all geared to help create additional borrowing options for India, the press release said.
In addition, the World Bank Group’s private sector arm, the International Finance Corporation (IFC) has successfully mobilized its USD 1 billion offshore rupee bond program, aimed at strengthening India’s capital markets and attracting foreign investments.
Today, India is home to the largest operations of the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), and the International Finance Corporation (IFC). (KNN/ES)
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