India and the US on Thursday said they are looking forward to the reconvening of the India-US Trade Policy Forum later this year to further enhance trade relationship and identify new areas for engagement.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
The World Bank has approved loans totalling $1.75 billion (about Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost the economic growth. Of the total loan, $1 billion will go towards the health sector, while the rest $750 million will be in the form of development policy loan (DPL) to fill the financing gaps through private sector investment in the economy. The World Bank Board of Executive Directors approved two complementary loans of $500 million each to support and enhance India's health sector.
The pandemic has led to the International Finance Corporation massively ramping up its impact investment in the country - its largest client nation globally - at $1.7 billion as of June, a 51 per cent rise over the past 12 months, the largest developmental lender into third world private sector said on Tuesday. This is nearly half of its investment in the whole of South Asia since the pandemic, which touched $3.8 billion as of June 2021, it said. "Our total commitment to India, which is our largest client country globally, at the end of June stood at $1.7 billion representing an increase of over 51 per cent from last year," IFC vice-president for Asia and the Pacific region Alfonso Garcia Mora said in a statement.
The World Bank's executive board unanimously selected 63-year-old Malpass, who is currently Under Secretary of Treasury for International Affairs, as the bank's 13th President for a five-year term beginning April 9.
India is also the third largest borrower of the International Bank for Reconstruction and Development (the World Bank), with a total portfolio of $21.9 billion (Rs 98,590 crore).
The World Bank has agreed to provide give a $900 million financial aid to Pakistan which is facing devastating flood that has affected 14 million people.
The executive directors of the World Bank unanimously selected Robert B Zoellick to succeed Paul Wolfowitz, effective July 1, 2007, as the 11th President of the Bank for a five-year term.
The Asian Development Bank has given a loan of $313.6 million to the Indian Railways for strengthening its golden quadrilateral project, an official release said on Wednesday.
During that period, the World Bank Group's private sector arm, IFC, committed $1.2 billion in India.
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Diplomatic channels activated to keep India eligible for soft loans from World Bank affiliate, though rules show it's probably time we made way for the needier others.
The World Bank would provide loans to India at higher than its existing concessional rates but lower than the market rate.
For the remaining projects, it is difficult to arrive at an estimate.
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