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World Bank to provide more than 2,000 cr for development of power projects in North East

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By Newsgram Staff Writer

The World Bank will provide a ‘North Eastern Region Power System Improvement Project’ aid for the development and expansion of infrastructure in the power sector in north-eastern states. The Bank will provide 50% of the Rs. 5,111 crore power project of Indian Government in Assam, Meghalaya, Mizoram, Manipur, Nagaland and Tripura. The remaining amount will be shared by the central Government and the concerned states.

The State-owned Power Grid Corporation of India Ltd. (PGCIL) will execute the World Bank-aided projects in six of the eight north-eastern states of India.

Of the Rs.5,111 crore, Assam would get the highest share of Rs.1,473.80 crore followed by Tripura (Rs.1,372.20 crore), Meghalaya (Rs.776.93 crore), Nagaland (Rs.729.42 crore), Manipur (Rs.442.22 crore) and Mizoram (Rs.316.76 crore), PGCIL chairman-cum-managing director R.N. Nayak said.

PGCIL and the Tripura State Electricity Corporation Limited  has already signed a memorandum of understanding (MoU) to execute the World Bank-aided project in the state which will be completed in three years.

The project would see the setting up of over 3,488km long high power transmission lines  along with the construction of many power transmission sub-stations .The project will also include modernizing the existing transmission system.

World Bank’s senior energy analyst Rohit Mittal said the project would help in the economic growth of the north-eastern region.

 

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After World Bank’s Head Quits, Donald Trump Likely To Determine The Successor

China, though a part of the World Bank, has thrown a challenge to it by setting up its own development banking institutions

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Trump, U.S.
Donald Trump. VOA

World Bank President Jim Yong Kim has announced that he is stepping down as the head of the premier anti-poverty institution putting the likely choice of its future leadership in the hands of US President Donald Trump, a sceptic of international development.

Trump’s role is expected reinvigorate challenges to Washington’s monopoly on appointing the Bank’s head.

Announcing his decision on Monday, Kim said in a tweet: “It’s been the greatest privilege I could have ever imagined to lead the dedicated staff of this great institution to bring us closer to a world that is finally free of poverty.”

Kim, 59, who is dropping out 19 months into his second term on February 1, would be joining a private company and focus on infrastructure investments in developing countries, the Bank said.

The Bank’s CEO Kristalina Georgieva will become the interim president till a successor to Kim is appointed.

As the largest share-holder, the US by tradition appoints the head of the Bank, while Europeans determine the chief of the International Monetary Fund.

Kim was nominated for the job by former President Barack Obama in 2012.

Before Trump’s election, Kim was hastily re-appointed in September 2016 to a second term that began in July 2017 with an eye on pre-empting a possible Trump nominee getting the job.

Now, however, Trump will get an opportunity to nominate the Bank’s head.

Trump’s role will resurrect and strengthen challenges to the post-World War II model of the leadership of the 189-member bank that has always been determined by the US .

Already the US nominee was challenged for the first time in 2012 by two contenders.

Trump, U.S.
World Bank head quits, Trump likely to determine successor. VOA

Colombian economist Jose Antonio Ocampo Gaviria eventually withdrew from the race, while Nigeria’s then-Finance Minister Ngozi Okonjo-Iweala lost when the Bank’s directors rubber-stamped Kim’s appointment.

Now there will be robust demands for reconsidering the US leadership of the Bank and stronger non-American contenders for the job.

Kim, a South Korea-born US citizen, was an unusual leader for the Bank: He was a medical doctor by training, a specialist in public health and an academic with a Harvard doctorate in anthropology who had led the Ivy League Dartmouth College.

But his background in health was a plus for the Bank’s mission of fighting poverty and promoting development.

Under his leadership, the Bank adopted in tandem with the UN the goal of ending extreme poverty by 2030 and focusing on the bottom 40 per cent of the population in the developing world.

The Bank’s International Development Association, which funds programmes in the least developed countries, achieved two record replenishments during his tenure, the last one in 2016 for $75 billion.

Also Read- Government Introduces Quota Bill For Upper Castes in Lok Sabha

Last April, the Bank also increased its capital by $13 billion with the unexpected support of the Trump administration.

Kim also pushed the Bank’s cooperation with the private sector for financing development in the developing world, particularly in the areas of climate change and infrastructure.

China, though a part of the World Bank, has thrown a challenge to it by setting up its own development banking institutions.

The Asian Infrastructure Investment Bank (AIIB), founded in 2016 is one of those institutions and several countries including India, Germany, Britain and South Korea have joined it. (IANS)