G15 concludes Tehran summit; Sri Lanka takes over presidency

The 14th summit of the Group of 15 (G15) developing countries ended in Tehran today with Sri Lanka taking over the group's rotating presidency from Iran.

Sri Lankan President Mahinda Rajapaksa, who took over the group's presidency, called for "collective action" by all member states to face the world's "current crises."

India's representative and foreign minister S M Krishna sought comprehensive reform of international financial institutions to enable enhanced capital flows and infrastructure investment in developing countries.

"We need to continue our efforts for a comprehensive reform of the international financial institutions to make them more inclusive," Krishna said addressing the summit.

India's voting rights in the World Bank group, meanwhile, has increased to 2.91 per cent from 2.77 per cent, while that of China went up to 4.42 per cent from 2.91 per cent.

India is now the seventh largest member of the World Bank in terms of voting power, after the US, Japan, China, Germany, France and the United Kingdom. India, the single largest borrower from the bank, has also borrowed an average $2.3 billion from the World Bank over the last four financial years.