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Wednesday, July 23, 2014

Finance Minister Stresses on Capital Increase and the Need for Voice Reforms in the World Bank

World Bank President Assures Support of the World Bank Group to Partner India's Development Strategies and Aspirations Through Delivery of a Diversified Programme of Financing, Knowledge Exchange and Capacity Building 

The Union Finance Minister Shri Arun Jaitley emphasised on 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. The Finance Minister Shri Jaitley was making his Opening Remarks when Dr. Jim Yong Kim, President World Bank Group called on him in his office. 

Speaking on this occasion, Dr. Kim, President World Bank informed the Finance Minister Shri Jaitley about the World Bank Group's agenda and strategy for achieving the twin goals of removal of global poverty and increasing shared prosperity. He assured support of the World Bank Group to partner India's development strategies and aspirations through delivery of a diversified programme of financing, knowledge exchange and capacity building.
The Finance Minister Shri Jaitley, while complementing the World Bank President for setting the twin global goals (of removal of global poverty and increasing shared prosperity), also 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. 

India is the highest cumulative borrower of World Bank, with a current portfolio of 85 projects having a commitment of US$ 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.
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