World Bank to support India's development strategies
Updated: Jul 23, 2014 12:19:58pm
New Delhi, Jul 23 (KNN) World Bank President, Jim Yong Kim has assured support of the UN international financial body to partner India’s development strategies and aspirations through delivery of a diversified programme of financing, knowledge exchange and capacity building.
Speaking to the Union Finance Minister, Arun Jaitley yesterday, Kim discussed the World Bank Group’s agenda and strategy for achieving the twin goals of removal of global poverty and increasing shared prosperity, according to an official release.
While complementing the World Bank President for setting the twin global goals (of removal of global poverty and increasing shared prosperity), Jaitley stressed on capital increase and the need for voice reforms in the Bank so that not only does the Bank play its global role in poverty reduction and development, but also reflects the emerging world order in its governance.
The Finance Minister emphasised the two way relationship between India and the World Bank. He said that India actively seeks global good practices from the Bank, and also generates good development practices that are being shared by the Bank globally.
During the meeting, issues relating to the Indian economy and the key priorities of the Government of India were also discussed.
India is the highest cumulative borrower of World Bank, with a current portfolio of 85 projects having a commitment of USD 24.12 billion, with IBRD accounting for USD 12.86 billion and IDA accounting for USD 11.16 billion in active projects.
India also constitutes the largest single portfolio exposure of IFC, the private sector arm of the World Bank Group, with commitments over USD 4.5 billion. (KNN/ES)
Speaking to the Union Finance Minister, Arun Jaitley yesterday, Kim discussed the World Bank Group’s agenda and strategy for achieving the twin goals of removal of global poverty and increasing shared prosperity, according to an official release.
While complementing the World Bank President for setting the twin global goals (of removal of global poverty and increasing shared prosperity), Jaitley stressed on capital increase and the need for voice reforms in the Bank so that not only does the Bank play its global role in poverty reduction and development, but also reflects the emerging world order in its governance.
The Finance Minister emphasised the two way relationship between India and the World Bank. He said that India actively seeks global good practices from the Bank, and also generates good development practices that are being shared by the Bank globally.
During the meeting, issues relating to the Indian economy and the key priorities of the Government of India were also discussed.
India is the highest cumulative borrower of World Bank, with a current portfolio of 85 projects having a commitment of USD 24.12 billion, with IBRD accounting for USD 12.86 billion and IDA accounting for USD 11.16 billion in active projects.
India also constitutes the largest single portfolio exposure of IFC, the private sector arm of the World Bank Group, with commitments over USD 4.5 billion. (KNN/ES)
Loading...
