Jaitley emphasizes need for increasing World Bank Portfolio for India

Jaitley emphasizes need for increasing World Bank Portfolio for India

Finance Minister Arun Jaitley has emphasized the need for increasing the World Bank Portfolio for India during a meeting with the Chief Executive Officer of World Bank Group, Kristalina I.
Georgieva in New Delhi today. Jaitley said, India has now decided to take assistance from the World Bank only through International Bank for Reconstruction and Development(IBRD).
He said, an increase in IBRD support is imperative to meet India’s current requirement of 5 to 7 billion dollars and a huge pipeline of projects. In addition, he also stressed on the need for capital increase in the Bank Group.
On financing issues, 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 and exploring innovative options. Georgieva is currently on a two 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.

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