World Bank reiterates support to India, lauds PM Modi's vision

World Bank president Jim Yong Kim on Thursday expressed his delight over India's progress in recent times courtesy Prime Minister Narendra Modi's call to achieve difficult and important targets.

Kim, who is presently on a two-day visit to India, lauded Prime Minister Modi's vision.

The World Bank president is in India to explore ways to support the government's initiatives on nutrition and renewable energy.

Kim, who met Union Finance Minister Arun Jaitley and Power Minister Piyush Goyal today, said India continues to be on one of our most important partners list as the growth on the global scale has been phenomenal.

During his visit, the World Bank president will seek the government's vision in dealing with endemic problems like malnutrition and reiterate strong support to India's stated commitments to increase its reliance on renewable energy sources.

"We pledge to continue the kind of partner India would like us to be. So many things are happening that it will be a lesson for other developing country or even developed countries," he added.

The World Bank is working closely with the Government of India in the areas of renewable sector by making more financing available, supporting the introduction of new technologies and building capacity for private sector investments in a number of states across India.

Meanwhile, Jaitley said India has been interacting closely with world bank.

"We are happy that we got the opportunity to discuss the global as well as economic situation. There is a pipeline of project in India which needs financial assistance, and we have discussed several issues of mutual interest," he added.

So far, India has been the largest client of the World Bank Group. Between 2015 and 2016, the bank had lent around USD 4.8 billion to India, which includes USD 2.8 billion from the International Bank for Reconstruction and Development (IBRD), USD one billion from the International Development Association (IDA) and a further approximately USD 1.0 billion in investments from the International Finance Corporation (IFC).