Increase World Bank Portfolio – Jaitley
The #Union Minister of Finance, Arun Jaitley, has told the #World Bank Group’s Chief Executive Officer Kristalina I. Georgieva, the need for increasing the #World Bank Portfolio for India.
An increase in #International Bank of Reconstruction and Development (IBRD) support is imperative to meet India’s current requirement of US$5-US$7 billion and a huge pipeline of projects, he said during a meeting on 1 March 2017 in New Delhi.
Jaitley pointed out that India has now decided to take assistance from the World Bank only through IBRD and cease the funding from Inter-American Development Bank (IDA).
Elaborating on the financing issues relating to the World Bank Group, Jaitley highlighted the need for lowering the effective rate of interest on World Bank loans by removing the commitment charges levied on the undisbursed loans.
He also called for exploring innovative financing options and relaxing the requirement of Sovereign Guarantee for loans to AAA rated organizations.
Georgieva was on a 2-day official visit to India to better understand the long-standing partnership between India and the World bank and to discuss the Bank’s strategy and program in India. fii-news.com