Page 7 - World Bank

Finmin, World Bank to work closely to create market structure from CSR

The World Bank and the finance ministry on Sunday agreed to work closely to create a market structure from the CSR demand side for maximising social impact. World Bank President Ajay Banga, who was in Delhi to attend the G20 Leaders' Summit, on Sunday met Finance Minister Nirmala Sitharaman. The two leaders during the bilateral meeting discussed the outcomes of G20 India Presidency, the evolution of the World Bank Group and their engagement with India through knowledge exchange and financial assistance for developmental projects, among other issues. "During the meeting, Mr. Banga agreed to work closely with the Department of Economic Affairs, Ministry of Finance @FinMinIndia to create a market structure from the Corporate Social Responsibility #CSR demand side for maximising social impact," the ministry said in a post on X. The finance minister stated that she looks forward to the leadership of the World Bank President in taking forward the recommendations on the triple agenda ...

Biden rallies G20 to boost World Bank support for low-income countries

US President Joe Biden has rallied G20 nations to agree to collectively mobilise more headroom and concessional finance to boost the World Bank's capacity to support low- and middle-income countries, the White House said on Saturday. Biden is currently in New Delhi to attend the annual G20 summit being hosted by India from September 9-10. "We are aiming for our joint contributions to deliver a one-time boost to IBRD (International Bank for Reconstruction and Development) equivalent to three times the World Bank's annual non-concessional lending volume, and to double IDA's crisis lending capacity," the White House said in a press statement. This initiative, it said, will make the World Bank a stronger institution that is able to provide resources at the scale and speed needed to tackle global challenges and address the urgent needs of the poorest countries. "In New Delhi, President Biden rallied G20 partners to agree to collectively mobilise more headroom and concessional finance to

World Bank's G20 report on India's DPI testament to rapid progress: PM Modi

Prime Minister Narendra Modi on Friday cited a G20 report prepared by the World Bank to highlight that India has achieved in just six years financial inclusion targets that would otherwise have taken at least 47 long years. "India's leap in financial inclusion, powered by Digital Public Infrastructure! A G20 document prepared by the World Bank shared a very interest point on India's growth," he said on X. "India has achieved financial inclusion targets in just 6 years which would otherwise have taken at least 47 long years. Compliments to our robust digital payment infrastructure and the spirit of our people. It is equally a testament to rapid progress and innovation," he said. Home Minister Amit Shah said the report acknowledges that the robust Jan Dhan, Aadhaar and mobile trinity infrastructure built by the Modi government has empowered millions. "The report also highlights that our country has saved USD 33 billion through the DBT system. Every rupee saved by our nation is a step

World Bank praises India's digital infra for its transformative potential

Advocating DPI's potential in helping nations leapfrog digital transformation, a G20 document prepared by World Bank has praised India's approach in unlocking the power of digital public infrastructure, including Aadhaar and UPI, for financial inclusion. The impact of DPI goes beyond inclusive finance, to supporting health, education, and sustainability, says the foreward of the document 'G20 policy recommendations for advancing financial inclusion and productivity gains through DPI'. "The India stack exemplifies this approach, combining digital ID, interoperable payments, a digital credentials ledger, and account aggregation. In just six years, it has achieved a remarkable 80 per cent financial inclusion ratea feat that would have taken nearly five decades without a DPI approach," it said. India's digital ID system Aadhaar, digital payment system UPI, data-exchange platform Digilocker and its other showcase platforms have found a special mention among the examples of DPIs "all of .

In G20 document, World Bank lauds India's digital public infrastructure

India's JAM Trinity has propelled financial inclusion rate from 25 per cent in 2008 to over 80 per cent of adults in last six years, a journey shortened by up to 47 years owing to DPIs: WB

Online gig work growing rapidly, but lack job protections: World Bank

Online gig work is growing globally, particularly in the developing world, creating an important source of employment for women and young people in poorer countries where jobs are scarce, according to a World Bank report released on Thursday. The report estimates the number of global online gig workers at as many as 435 million people and says demand for gig work increased 41 per cent between 2016 and the first quarter of 2023. That boost is generating concern, though, among worker rights advocates about the lack of strong job protections in the gig economy, where people work job to job with little security and few employment rights. While location-based gig services such as Uber, Lyft and TaskRabbit require labour like moving and delivery, online gig assignments can be largely done at home. Tasks include image tagging, data entry, website design and software development. For women in the developing world, there aren't enough opportunities and they really struggle to get good quali

US wants G20 to help reshape multilateral development banks like IMF

The US wants the G20 countries to help reshape and scale up multilateral development banks like the International Monetary Fund and the World Bank, a top White House official has said. White House National Security Council Coordinator for Strategic Communication John Kirby said on Wednesday the US will make it clear during President Joe Biden's visit to India that it remains committed to the G20 as a critical forum for all the major economies of the world to come together for global problem-solving. President Biden will arrive in New Delhi on Friday to participate in the G20 Summit. One of our main goals heading into the G20 is to help reshape and scale up multilateral development banks like the IMF, like the World Bank, Kirby told foreign reporters at a news conference here on Wednesday. We know that these institutions are some of the most effective tools for mobilising transparent and high-quality investment in developing countries. And that's why the United States has champione

Debt pause clause soon to be taken up for board approval: World Bank CFO

Speaking at the CII B20 session, world bank official said that countries need to be financially resilient when faced with natural disasters and other kinds of crises

World Bank's return to office spurs grumbling but it comes with perks

The new president of the Washington-based bank, Ajay Banga, is pushing ahead with plans to have employees work in the office four days a week by Sept. 5

What is a developed country, a status India is aiming to achieve by 2047?

PM Modi, in his Independence Day speech on Tuesday, also said that India would become the third-largest economy during his third term

World Bank mulling local currency lending in countries like India: Official

The World Bank is mulling local currency lending in countries like India to help borrowers save on costs, a senior official said on Friday. "How do we do local currency lending for a country like India is also something we are trying to think of at a price which is advantageous to this country," Anshula Kant, the Managing Director and Chief Financial Officer of the World Bank, said. Speaking at the event on global economy organised by the Ministry of Finance and the Reserve Bank of India (RBI) as part of India's G-20 presidency, Kant said the Indian government has a "huge advantage" in local currency borrowing as compared to the World Bank, even though the Washington DC-based multilateral bank is rated AAA. In some countries like the ones in Africa, which do not possess market infrastructure from where the bank can borrow, the bank may not adopt the local currency lending strategy, Kant said. At the event, Chief Economic Advisor to the Government of India V Anantha Nageswaran said

World Bank halts new lending to Uganda over enactment of anti-LGBTQ law

The World Bank said it will not consider new loans to Uganda after the East African country earlier this year enacted an anti-gay bill that rights groups and others have condemned. The World Bank had deployed a team to Uganda after the law was enacted in May and determined that additional measures were necessary to ensure projects align with the bank's environmental and social standards. No new public financing to Uganda will be presented to our Board of Executive Directors until the efficacy of the additional measures has been tested, the World Bank Group said in a statement on Tuesday. Our goal is to protect sexual and gender minorities from discrimination and exclusion in the projects we finance. These measures are currently under discussion with the authorities, it added. The anti-gay legislation, which prescribes the death penalty for some homosexual acts, was signed into law in May. It has widespread support at home, and Ugandan officials have been defiant amid concern that

India's success is case study in using tech to transform lives: MoS IT

He emphasised the milestones achieved through Digital India in the past nine years, which catalysed the country's rapid progress towards a five trillion US dollar economy by 2026

11 World Bank officials meet Finance Minister Sitharaman in New Delhi

The Executive Directors of the world bank shared their key takeaways with Union Finance Minister Nirmala Sitharaman from their visits to Mumbai, Ahmedabad and Lucknow

Association with World Bank will prove beneficial for UP: CM Adityanath

Uttar Pradesh is a state with limitless possibilities and its association with the World Bank will prove to be beneficial and fruitful for the state, Chief Minister Yogi Adityanath said on Wednesday. Welcoming a delegation of the World Bank led by its executive director Parameswaran Iyer to the state, Adityanath said that due to planned efforts, Uttar Pradesh has come out of the category of a Bimaru state and has become the leading economy of the country. Looking at the latest figures of NITI Aayog, Uttar Pradesh has been successful in bringing its 5.5 crore population out of the poverty line in the last six years, the chief minister said, according to an official statement. Uttar Pradesh is a state with limitless possibilities and its association with the World Bank will prove to be beneficial and fruitful for the state, he said. According to the statement, the World Bank has appreciated the efforts made in the last six years under the leadership of Chief Minister Adityanath with

Maha govt seeks World Bank aid for upgrading infra, capacity building

Maharashtra Chief Minister Eknath Shinde on Sunday sought the assistance of the World Bank for upgrading infrastructure and capacity building. Speaking at a meeting with WB's executive directors here, Shinde said the World Bank was not just a fund-giving body but is a source of knowledge for developing countries. Partnership with WB will help improve the standard of living of people in Maharashtra which has the best skilled workforce and modern infrastructure facilities, the chief minister said. "We are working on improving green technology, disaster management, health services and port infrastructure facilities," he said. Deputy Chief Minister Devendra Fadnavis, who also attended the meeting, said the government is planning to make Maharashtra drought-free by linking rivers. "The government is planning to divert water from rivers flowing Westward to Godavari Valley and linking rivers in Vidarbha will help in removing drought," he said. The state government also sought assistance

World Bank to provide assessment of damages due to Himachal floods

The World Bank has offered to provide full support to flood-affected Himachal Pradesh, and will provide a comprehensive assessment of the damages which will aide reconstruction efforts, a statement issued here on Friday said. The World Bank has offered to conduct an assessment in collaboration with the Global Facility for Disaster Reduction and Recovery (GFDRR) to quantify losses suffered in various sectors such as roads, power, water supply, housing, public buildings, irrigation, agriculture, horticulture, livestock, ecological services, the statement said. World Bank's Country Director for India Auguste Tano Kouame has conveyed the bank's appreciation towards the timely measures taken by Chief Minister Sukhvinder Singh Sukhu in a letter, including for monitoring and ensuring the safe return of tourists stranded in different parts of the state, a government spokesperson said. The proposed assessment will play a pivotal role in facilitating the reconstruction efforts, the statement

Federal Bank raises Rs 959 cr from IFC via preferential issue of shares

The shares were issued at a price of 131.91 per share and were approved by the board on Friday, the bank said in a notification to exchanges

School closures caused extreme learning losses: World Bank prez Ajay Banga

School closures during the COVID-19 pandemic caused extreme learning losses, World Bank President Ajay Banga said on Wednesday, underlining the need to devise a mechanism to prevent such situations before the next pandemic hits. "We have a real challenge for the generation which was undergoing schooling during the pandemic," Banga said, responding to a question by PTI. "Developed and developing countries were learning how to deal with it when we were hit by the COVID-19 pandemic. There have been extreme learning losses due to prolonged school closures during the period...and dealing with the learning losses is not just India's problem, it is an issue across the globe," he said. "My view is that we must learn now. We have to fix what we have got, pretty much make sure we learn before the next pandemic, devise a mechanism...or we will make the same mistakes again. The next one (pandemic) will come fore sure. It is a question of how long before it does come? To me that is the bigger ..

World Bank chief Ajay Banga eyes corporate philanthropy to raise funds

A panel appointed by Indian presidency of G-20 has estimated that $3 trillion is needed every year through 2030 for issues including debt relief to low-income countries and to fight climate change