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21
September 2018
 |
Subhash Chandra Garg (The Total Investment & Insurance Solutions)
The World Bank Group (WBG) on Friday approved
its largest country program for India with a likely assistance of $25-30
billion by fiscal 2021-22 to help India's transition to a higher middle-income
country.
"With
a fast growing economy, global stature, and its unique experience of lifting
the highest number of poor out of poverty in the past decades, India is
well-positioned to become a high middle-income country by 2030," World
Bank South Asia Vice President Hartwig Schafer said.
The
WBG Board endorsed a new Country Partnership Framework (CPF) for India aimed at
supporting India's transition by addressing its key development priorities --
resource efficient and inclusive growth, job creation and building its human
capital.
"The
Group expects to deliver $25-30 billion during this CPF period, ending in FY
2022," the multilateral lending agency said in a statement.
India,
which has strong collaboration with Group's institutions, is the largest client
of International Bank for Reconstruction and Development (IBRD). As of
mid-September 2018, total World Bank assistance stood at $27.2 billion
representing 104 projects.
At
the end of July 2018, International Finance Corporation's (IFC) India portfolio
contained 281 projects, amounting to a committed exposure of $6.4 billion.
"This
CPF charts a path for how the World Bank, IFC and MIGA (Multilateral Investment
Guarantee Agency), will leverage their relative strengths to deliver stronger
development outcomes for this dynamic country, half of whose population is
under the age of 25," Schafer said.
India's
Economic Affairs Secretary S.C. Garg complemented the bank for aligning the CPF
with India's development and investment objectives, the statement said.
The
WBG will focus on promoting a resource efficient growth path, mainly in the use
of land and water, to remain sustainable; enhancing competitiveness and job
creation; and investing in health, education and skills to improve human
capital.
It
will also address the challenge of air pollution, jobs for women, raising the
resilience of financial sector and investing in early years of children's
development. It will harness new technology in all spheres.
The
CPF highlights the shift from a "lending" to a "leveraging
bank", emphasizing the growing potential and need to draw in capital
markets in the financing of development priorities, the World Bank statement
said.
Complementing
transformational national programs, the bank will also develop strategic state
partnerships to address state-specific development priorities.
"The
future of India lies in the states of India. The country's transition to high
middle-income status will be determined in large part by the effectiveness of
India's federal compact," said Junaid Ahmad, Country Director, World Bank
India.
The
CPF also emphasises on India's global leadership role in promoting renewable
energy and disaster resilient infrastructure development through its "Lighthouse
India" initiative. India's experience will help countries in Africa and
Central Asia, it saidThe Total
Investment & Insurance Solutions
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