World Bank Group President to visit India, meet Modi
During his visit, Kim will meet with Prime Minister Narendra Modi and Union Finance MinisterArun Jaitley in New Delhi.
“The historic mandate from the people of India represents a tremendous opportunity to unlock India's growth potential and take advantage of its immense demographic dividend,” Kim said in a statement.
He said:"I look forward to meeting Prime Minister Modi and Finance Minister Jaitley to understand their development priorities, and determine how the financial and knowledge resources of the World Bank Group can be best allocated to support them.”
"He will 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," The World Bank said in a statement.
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 $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 $20 billion from $17.5 billion, and the Government of India agreement to purchase Special Private Placement Bonds of up to $4.3 billion -- all geared to help create additional borrowing options for India.
In addition, the World Bank Group’s private sector arm, the International Finance Corporation (IFC) has successfully mobilized its $1 billion offshore rupee bond program, aimed at strengthening India’s capital markets and attracting foreign investments.
Image: WIkimedia Commons
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