World Bank to extend $18 billion financial support to India
The World Bank will provide financial support of $15-18 billion to India over the next 3 years to help speed up economic growth and reduce poverty.
As per World Bank group president Jim Yong Kim who was on a visit to India, the Indian government has laid out a comprehensive plan to reduce poverty and regain over 9% GDP growth. He was impressed by the Modi government’s commitment to speed up growth. He assured Indian government that the World Bank Group will bring to bear all possible knowledge and financing to assist them in achieving this goal. India is the largest beneficiary of the World Bank’s financial assistance with a current portfolio of 85 projects having a commitment of $24.12 billion. This includes $12.86 billion aid from the International Bank for Reconstruction and Development (IBRD), $11.16 billion in active projects from the International Development Association (IDA).
India also accounts for the largest single portfolio exposure of the International Finance Corporation (IFC), the private sector arm of the World Bank Group, with commitments over $4.5 billion.