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

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World Bank, Wikimedia

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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World Bank to Help Sri-Lankan Farmers Improve Productivity and Tackle Climate Change

The project will ensure that all farmers obtain adequate access to training and research

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world bank, sri lanka
The project will ensure that all farmers obtain adequate access to training and research. Wikimedia

The World Bank on Monday approved a $125 million loan for Sri Lanka to help small farmers improve productivity and tackle climate change.

The programme will benefit more than 470,000 small farmers in six provinces in the dry zone of the country, selected for being most exposed to climate impacts, the World Bank said in a statement cited by Xinhua news agency.

Sri Lanka is particularly vulnerable to climate-related natural disasters such as floods and droughts with hundreds of people killed in recent years, the report said.

farmers, sri lanka, world bank
Sri Lanka is particularly vulnerable to climate-related natural disasters such as floods and droughts with hundreds of people killed in recent years, the report said. Pixabay

“Innovation, including the introduction of improved crop varieties, cropping patterns, water resources management, among others, can help farmers adapt to changing climate and improve their incomes and livelihoods,” said World Bank Country Director for Maldives, Nepal and Sri Lanka Idah Z. Pswarayi-Riddihough.

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The project will ensure that all farmers obtain adequate access to training and research.

Sri Lanka’s agriculture is one of the worst-affected sectors by climate change. Agriculture contributes about 7.7 per cent to the country’s economy and employs 27 per cent of the population. (IANS)