Page 8 - World Bank

World Bank chief unveils plans to boost lending to tackle climate change

The new steps, still being discussed with shareholder countries, come on top of initial steps approved in April that will boost World Bank lending by up to $50 billion over the next decade

More optimistic about India now than 'in a long time': WB chief Ajay Banga

World Bank president Ajay Banga on Monday said amid global challenges, he is more optimistic about India and its economy now than he has been "in a long time". Talking to the media on the sidelines of the third G20 Finance Ministers and Central Bank Governors meeting here, the first-ever Indian-American to head the top global financial institution said the world economy is in a difficult place. Banga (63) showered praises on India for its digital infrastructure, saying he is a "big fan" of such initiatives taken by the world's fifth largest economy. "I am more optimistic about India, as a whole, economically, than I have been for a long time. The fact is that the world economy is in a difficult place. It has outperformed what everybody thought. But it does not mean that it won't be more challenging. The IMF forecast, the World Bank forecast are that the world will get a little challenging over the next year or so," he said at the Mahatma Mandir Convention Centre, where the G20 ...

World Bank should focus on creating a liveable planet, says Ajay Banga

He said that the absence of project de-risking and innovative finance are some of the barriers that have been holding back private investment in sustainable and quality infrastructure

LIVE: We send schemes to Rajasthan from Delhi but Cong blocks them, says PM

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World Bank Prez Ajay Banga to travel to India next week to attend G20 meet

World Bank President Ajay Banga will travel to India next week to attend the G20 Finance Ministers and Central Bank Governors Meeting in Ahmedabad, Gujarat, according to the development lender. This would be Banga's first trip to India after he took over as the World Bank president last month. Gujarat is hosting four meetings of G20 in the first two weeks of July. These meetings will provide an opportunity for business representatives to share their perspectives, insights and policy recommendations on various economic and business-related topics and will play a very significant role in shaping global economic agendas and policies, according to officials.

Multilateral development banks pledge upto $27 bn for India's green growth

The government commits to green hydrogen development, encourages collaboration with private sector as global demand for hydrogen is expected to reach 200 million tons by 2030

Hague court rejects India's objections over water treaty arbitration

India called the arbitration proceeding illegal as a neutral expert was also looking at the issue and the World Bank-brokered treaty prohibits parallel proceedings

India doubles its share of global commercial services exports in 2005-2022

India has doubled its share of global commercial services exports to 4.4 per cent in 2022 from 2 per cent in 2005, according to a World Bank and World Trade Organization (WTO) report. "China and India doubled their share of global commercial services exports from 2005 to 2022, from 3.0 per cent to 5.4 per cent, and from 2.0 per cent to 4.4 per cent, respectively," it said. The report titled 'Trade in services for development' also said that in India, South Africa and Trkiye, jobs directly linked to cross-border services exports account for more than 10 per cent of total services sector jobs. "The developing economies' impressive trade performance under this expanded measure of trade in services is largely due to four economies that rank as leading services exporters and importers-- China; Hong Kong; Singapore; India," the report said. It added that India and the Philippines will need to upskill and reskill their workforces and invest in the development of their domestic services ..

World Bank, WTO chiefs seek to reignite services trade negotiations

The WTO has a mandate to liberalise services but its member states have not collectively improved market access since 1997 when deals were struck on telecommunications, it said

Ukraine to receive $1.5 bn from World Bank to support reconstruction

Ukraine is rebuilding schools, hospitals, roads and bridges and implementing repairs in the energy sector despite continued fighting in the south and east of the country

World Bank approves $1.5 bn financing for India's low carbon energy sector

The financing will help India promote low-carbon energy by scaling up renewable energy, developing green hydrogen and stimulating climate finance for low-carbon energy investments, the bank said

Singapore's Instarem sees huge inflow of diaspora remittances into India

Singapore-headquartered Instarem sees huge inbound flow of remittances into India, citing the World Bank projection that money sent home by the Indian diaspora will reach USD 100 billion a year in the coming year or so, up from USD 82 billion received last year. India is a huge inbound market for us, and we have big operations in Mumbai, which is our main technology and product centre, Yogesh Sangle, Global Head of Instarem, told PTI on Wednesday on the increase in monies sent home regularly by the Indian diaspora. Instarem has also grown its offices in Bangalore and Chennai, to leverage the talent in India, said Sangle who pointed out that the estimated USD 82 billion received in India in 2022 was the largest remittance flow in the world. The app-based remittance company is setting up operations in Japan to serve Small and Medium Enterprises (SMEs) and Consumers, and has recently launched a SME-support product in Indonesia. COVID-19 had created an opportunity to service the ...

World Bank to provide $200 mn for power sector reforms in Himachal

The World Bank will provide USD 200 million (about Rs 1,600 crore loan) to finance the Himachal Power Sector Development Program to bring improvements in renewable energy integration in the state, Chief Minister Sukhvinder Singh Sukhu said on Wednesday. With the addition of state equity, the total outlay for the programme would be Rs 2,000 crore and the World Bank funding is expected to be available by August 2023 for a duration of five years up to 2028, he said in a statement issued here. He also informed that the World Bank Board has approved the programme on June 27, 2023, in Washington. Improvements in the utilisation of renewable energy, reliability of grid at transmission and distribution level and strengthening of the institutional capacities of the various power utilities/agencies of the state would be undertaken under the programme, he said. Efforts will be made towards the promotion of integrated resource planning of the power sector, piloting demand response management,

World Bank extends $500 mn budgetary support to cash-strapped Sri Lanka

The government said on Tuesday that funding from the lender will come in two tranches

Chhattisgarh gets $300 mn loan to improve quality of school education

The World Bank on Tuesday said the board of executive directors has approved a USD 300 million loan to help expand and improve the quality of education in government-run schools in Chhattisgarh. The project aims to benefit about 4 million students, mostly from poor and vulnerable communities in the state. Almost 86 per cent of schools in the state are run by the government. While enrolment at the elementary school level is 95 per cent, it is only 57.6 per cent at the senior secondary level and the enrolment for boys is 10.8 per cent lower than that for girls, it said. This is due to the non-availability of science and commerce education across many senior secondary schools, a shortage of trained science and mathematics teachers, and the lack of necessary infrastructure like laboratories and facilities, it said. The Chhattisgarh Accelerated Learning for a Knowledge Economy Operation (CHALK) aims to improve access to education across all grades, and also address the growing demand f

World Bank approves $255.5 mn loan to improve technical education in India

More than 350,000 students will benefit annually from the project's assistance of 275 government-run technical institutes over the course of the next five years

World Bank approves $255.5 mn loan for better education in govt institution

The World Bank has approved a USD 255.5 million loan for improving the quality of technical education in government-run institutions in India. Over the next five years, the project will support around 275 government-run technical institutions in selected states across the country, benefitting more than 350,000 students each year. The Multidisciplinary Education and Research Improvement in Technical Education Project will support improving student skills and employability by focusing on better research, entrepreneurship, and innovation; and improve governance in technical institutions. As part of the project, students will get access to upgraded curricula including emerging technologies in communication and climate resilience. They will also benefit from better internship and placement services, including opportunities to network with professional associations, World Bank said. "World Bank's Board of Executive Directors have approved a USD 255.5 million loan to help India improve th

World Bank unveils debt payment pause, IMF touts $100 bn for poorest

An announcement about Zambia's debt was also expected later on Thursday after its creditors indicated this week a restructuring proposal was nearly ready after more than two years of negotiations

World Bank approves financing for Kerala climate resilience project

This additional financing will further deepen Kerala's resilience in the critical areas of coastal erosion and water resource management

World Bank assures Kerala of investment in basic infrastructure sectors

World Bank officials on Tuesday assured Kerala Chief Minister Pinarayi Vijayan that they were ready to make investments in the state's basic infrastructure sectors. The assurance was given to Vijayan when he met Anna Bjerde, the Managing Director (operations) of the World Bank, at Washington DC, a statement issued by his office said. In the meeting, discussions were also held regarding the progress in various projects, including the Rebuild Kerala initiative which is being carried out in collaboration with World Bank, it said. Earlier, a high-level team from World Bank had visited Kerala to review the various development and policy programmes being implemented in the state as part of the Rebuild Kerala initiative and had also held discussions with the CM, the statement said. The meeting held in Washington DC was in continuation of that, it said. Besides the CM, Kerala Finance Minister K N Balagopal, Chief Secretary V P Joy and Planning Board Vice Chairman V K Ramachandran also ...