World Bank offers to partner development programmes in India

The World Bank Group has offered to partner India's development through diversified programmes of financing, knowledge and capacity building, even as finance minister Arun Jaitley stressed the need for expansion of capital base and reforms in the World Bank so as to reflect the emerging world order in its governance.

The finance minister made these observations at a meeting with Mulyani Indrawati, managing director of the World Bank Group, who called on him in his office in New Delhi on Thursday.

Jaitley complimented the World Bank MD for setting the twin global goals of removal of global poverty and increasing shared prosperity aligned to the Sustainable Development Goals (SDGs), 2015.

Speaking on the occasion, the World Bank MD informed the finance minister about the World Bank Group's agenda and strategy for achieving the twin goals of removal of global poverty and increasing shared prosperity, which are broadly aligned to the SDGs.

She assured support of the World Bank Group to partner India's development strategies through delivery of diversified programmes of financing, knowledge exchange and capacity building. Indrawati is on a visit to India from 22 to 24 September 2015. This is her second visit to India in her capacity as the MD, World Bank Group.

During the meeting, both the leaders discussed the issues relating to the Indian economy and the key priorities of the government. Among other things, this discussion focused on the prime minister's six priority areas for World Bank financing.

The two also discussed the roadmap and timelines for the World Bank Group's capital increase and shareholders' review, procurement and environment and social safeguards framework of the Bank.

During the meeting, Annette Dixon, vice president-South Asia, Subhash Garg, executive director (India), World Bank and Onno Ruhl, country director-India were also present.