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India Urges World Bank to grant $5-7 billion to meet its funding requirements

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New Delhi, March 1, 2017: Union Finance Minister Arun Jaitley on Wednesday urged the World Bank to grant India $5-7 billion to meet its funding requirements.

“An increase in World Bank’s support is imperative to meet our current requirement of $5-7 billion and for a huge pipeline of projects,” said Jaitley in a statement after meeting its Chief Executive Kristalina I. Georgieva here.

India has decided to seek the aid only through the International Bank for Reconstruction and Development (IBRD) of the World Bank and cease the funding from its affiliate — International Development Agency (IDA).

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As the original World Bank institution, IBRD offers loans to middle-income developing countries, while IDA gives loans and grants to the world’s poorest developing countries.

Jaitley also stressed on the need for capital increase in the Bank group.

He also urged the World Bank to lower its interest rate by removing the commitment charges levied on the undisbursed loans.

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“The World Bank should explore innovative financing options and relax the requirement of Sovereign Guarantee for loans to AAA rated organisations,” reiterated Jaitley.

Georgieva, who is on a two-day official visit to understand the partnership between India and the Bank, also met RBI Governor Urjit Patel and Maharashtra Chief Minister Devendra Fadnavis in Mumbai on Tuesday for a first-hand experience of the Bank’s projects in the country. (IANS)

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India will become High-Middle Income Country by 2047, says World Bank CEO

World Bank CEO Kristalina Georgieva on Saturday said she has no doubt that India will be a high-middle income country by 2047.

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World Bank CEO
World Bank CEO Kristalina Georgieva. IANS.

New Delhi, Nov 4: Lauding India’s increasing per capita income, World Bank CEO Kristalina Georgieva on Saturday said she has no doubt that India will be a high-middle income country by 2047 when it completes its centenary year of independence.

“In the last three decades, India’s per capita income has quadrupled. I have no doubt India when it hits its century of independence in 2047, will be a high-middle income country,” Georgieva said while addressing India’s Business Reforms conference at Pravasi Bharatiya Kendra here.

Georgieva praised India for its sudden jump of 30 ranks in 2017, the biggest leap ever, in the history of the ease of doing business.

World Bank CEO
Indian Prime Minister Narendra Modi. Wikimedia.

“We are here to celebrate a very impressive achievement. In 15 years of the history of the ease of doing business, such a jump of 30-ranks in one year is very rare. In cricket, I understand that hitting a century is a big milestone.”

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She hailed Prime Minister Narendra Modi for his “high-level ownership” efforts and “championship of reforms” that led to achieve India such a ranking in ease of doing business.

Reminding Guru Nanak Dev’s preachings, the World Bank CEO said: “Today is also the anniversary of Guru Nanak which reminds me of his words that whatever seed is sown, the plant will grow thus.” (IANS)

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