Page 6 - World Bank

US President Biden announces $4 billion to replenish World Bank's IDA

Established in 1960, IDA complements the World Bank's original lending arm, the International Bank for Reconstruction and Development (IBRD) and helps low-income countries

Biden pledges record $4 billion to World Bank fund for poorest nations

The World Bank's IDA fund, which provides mainly grants and very low interest loans to the poorest countries, is replenished every three years, and a pledging conference is scheduled for Dec. 5-6

News updates: Had Cong given priority to rural India, we would have less poverty, says Nitin Gadkari

Catch all the latest news updates from around the world here

UP govt holds talks with World Bank to boost agri, rural enterprise

The Uttar Pradesh government, the Department of Economic Affairs (DEA) and the World Bank on Friday held negotiations for the Rs 3,903 crore Uttar Pradesh Agricultural Growth and Rural Enterprise Ecosystem Strengthening project. The negotiations were held in New Delhi with Chief Secretary Manoj Kumar Singh representing the state government, according to a statement here. The six-year project aims to revitalise the state's agriculture and allied sectors, enhance productivity and link smallholder farmers to high-value commodity clusters. Singh outlined the project's pivotal role in advancing the state's vision to achieve a trillion-dollar economy by 2030, it said. He highlighted that the project will support high-value crop clusters and establish a stronger fisheries ecosystem, with particular focus on the state's eastern and Bundelkhand regions, it added. The project will also create a digital agriculture platform to provide real-time insights to farmers, helping optimise resources

IFC commits $400 mn to Bajaj Finance to help boost finance, empower women

IFC, a member of the World Bank Group, has committed USD 400 million (about Rs 3,300 crore) to help expand access to finance for customers opting to buy EVs and energy efficient consumer goods as well as support women-owned microenterprises. This USD 400 million support is part of the USD 1 billion fundraising exercise by Bajaj Finance Ltd (BFL). The funding aims to increase competitiveness in the climate finance market, support the country's climate goals, and promote financial inclusion, a joint statement said on Wednesday. IFC's USD 400 million loan will enable BFL to expand access to finance for customers opting to buy EVs, including two-wheelers, three-wheelers and four-wheelers, and strengthen its presence in the energy efficient consumer goods (EECG) space. "Accelerating climate financing is crucial for India to meet its net-zero goals. IFC's investment in Bajaj Finance will boost market competition, inspiring other NBFCs and investors to expand their financing for ...

Economic leaders face era of industrial policy threatening growth prospects

Policymakers brace for more protectionism and demise of 'neoliberalism' if Trump is re-elected in the US

India wants to enhance its influence over other countries: FM Sitharaman

While participating in discussion on 'Bretton Woods Institutions at 80: Priorities for Next Decade', FM stated that no country, whether US which is far or China which is very close cannot ignore India

IMF, WB meetings clouded by wars, slow economic growth, US election

The International Monetary Fund and World Bank annual meetings are scheduled to draw more than 10,000 people from finance ministries, central banks and civil society groups

World Bank, ADB commit $1.6 bn for Andhra capital Amaravati from Jan 2025

The World Bank along with the Asian Development Bank in principle has committed to fund USD 1600 million (Rs 13,600 crore) for Amaravati capital city phase-I development and will start releasing the amount from January next year, a senior official of the Andhra Pradesh government has said. Of the total cost of Rs 15,000 crore for the phase-I development, the Central government will be funding the remaining Rs 1,400 crore, the official said, adding the total amount from the World Bank should be drawn within five years. The International Bank for Reconstruction and Development (IBRD), part of the World Bank, which provides loans and guarantees, among others and ADB will be funding USD 800 million (Rs 6,800 crore) each for the project. The repayment of the WB and ADB loans will be taken care of by the Centre, the official said. "The project is being funded jointly by the World Bank and Asian Development Bank. The funds will be released starting from January 30, 2025 or it can happen e

India's growth rate among shiniest parts in world economy: Ajay Banga

India's growth rate is the shiniest part in the global economy, World Bank president Ajay Banga said on Thursday, noting that a lot of this is driven by the domestic market. There is no doubt that India's growth rate is among the shiniest parts in the world economy. I think being able to grow at six, seven per cent and more in this kind of environment shows you that they've done a number of things to get there, Banga told reporters ahead of next week's annual meeting of the World Bank and the International Monetary Fund. A lot of that growth is in India, is driven by the domestic market as well, which actually is a healthy sign, in some ways. What India needs to work on as the prime minister laid out is things on quality of life, like air and the quality of water and the like, he said. We are actively engaged with them on a number of topics to do with these, and I think we will see more results of those coming out in the coming months in terms of projects, Banga said in response to

India should join World Bank's international investment dispute centre

The World Bank's International Centre for Settlement of Investment Disputes can assist India in achieving its globalisation goals

WB president Banga bats for more bilateral debt forgiveness to poor nations

Banga said that the World Bank has already answered calls for its share of debt relief in restructurings by providing billions of dollars in additional grants

Poorest countries confront 18-yr high debt as conflicts & disasters surge

A World Bank report reveals that 26 of the poorest nations are facing their highest debt levels since 2006, struggling with post-pandemic recovery, conflict, and increased disaster risks

US Treasury calls for new IMF, World Bank steps on liquidity pressures

The plan "will require hard work and innovation" at the international financial institutions, US Treasury official said

World Bank raises S Asia growth forecast to 6.4% on Indian domestic demand

India's economic growth forecast for the current fiscal year, ending in March 2025, was revised to 7 per cent year-on-year

India's rise as high-income developed country 'not guaranteed': Gill

Gill noted that there were only 34 countries which transitioned from a middle-income to a high-income country in the period between 1990-2023, he says

World Bank ready to extend Rs 15k cr loan for Amaravati: Andhra CM Naidu

Andhra Pradesh Chief Minister N Chandrababu Naidu on Tuesday said that the World Bank has agreed to extend Rs 15,000 crore loan to the state government for the construction of the capital Amaravati and its work will start from December. Addressing a press conference here, Naidu, thanking Prime Minister Narendra Modi, whom he met on Monday, said, the Centre has agreed to release Rs 12,500 crore towards the construction works of Polavaram project. He further said oil and gas major Bharat Petroleum Corporation Ltd will be setting up a refinery with an investment outlay of Rs 85,000 crore in the state and the company is currently conducting a feasibility study into selecting the location. The chief minister said he appraised the PM of "Swarna Andhra Pradesh 2047" vision document which is under preparation, aiming to make the state a USD 2.5 trillion economy with USD 40,000 per capita income. "The World Bank has agreed to give Rs 15,000 crore for the construction of Amaravati capital ..

UP can play significant role in driving India's 'Mission 2047': World Bank

Uttar Pradesh can play a significant role in driving India's 'Mission 2047' to make the country a developed nation or 'Viksit Bharat' when it completes 100 years of Independence, Martin Raiser, World Bank Vice President, South Asia Region has said. Raiser during his interactions which Chief Minister Yogi Adityanath and chief secretary Manoj Singh held discussions on how the World Bank could help UP become a USD 1 trillion economy. "We are at the beginning of a new (lending) strategy cycle for India and those strategy cycles are usually for four-five years. Part of the work we are trying to do is map out what we can do in the long term. "If all the ideas that we discussed with the UP CM and chief secretary over the last two days result in World Bank projects, I think we could reach, in the next two-three years, (lending or monetary support) of USD 1 billion or more, Raiser told PTI in an interview. UP, he added, could play a significant role in driving India's 'Mission 2047'. "I t

Export share of manufacturing companies' sales nears a record low

Drop across listed and unlisted companies

World Bank pledges additional $2 bn to support critical reforms in B'desh

The World Bank on Tuesday said that it could mobilise an additional USD 2 billion in financing to Bangladesh in this fiscal year to support critical reforms, flood response, better air quality and health. World Bank Country Director Abdoulaye Seck pledged the new assistance when he called on interim government's Chief Adviser Muhammad Yunus at the State Guest House Jamuna in Dhaka on Tuesday. Seck said that the World Bank "is committed to increasing lending to Bangladesh in this fiscal year to help the reform agenda of the Interim Government," the chief adviser posted on X. "Seck informed that the World Bank can mobilise about $2 billion new financing in this fiscal year to support critical reforms, flood response, better air quality and health," Yunus said in another post on X. Seck's remarks came days after the US Agency for International Development (USAID)-Bangladesh on Sunday said it would provide USD 202.25 million in aid to Bangladesh to advance development, empower youth, .