Kristalina I. Georgieva, Chief Executive Office (CEO) of World bank is exploring the country to its roots on her first visit to India. She watched the operations of the suburban rail system of Mumbai and visited Sarva Shiksha Abhiyan program (supported by the World Bank) on Tuesday. The World Bank CEO met Finance Minister, Arun Jaitley along with RBI Governor, Urjit Patel on Wednesday. World Bank has so far sanctioned $27 billion for 95 projects in India.
According to reports, Finance Minister have emphasized World Bank’s CEO the need to increase the International Bank for Reconstruction and Development (IBRD) funding for India. Finance Minister also stressed on the need for the capital increase in the World Bank Group.
Arun Jaitley also stressed about lowering the rate of interests for the loans in World Bank by calling of the commitment charges and also encouraged to adopt Innovative financing.
When encountered with the media, Kristalina I. Georgieva said, “India is our biggest middle-income client. Its economic growth influences global growth. Its achievements in health and education contribute to the world achieving the Sustainable Development Goals. I am keen to learn more as India is a laboratory for the world to learn about what works in development and to find new ways to collaborate.”
On her two-days visit to India, she had attended the meetings with the Chief Minister of Maharashtra, Devendra Fadnavis; RBI Governor Urjit Patel and Economic Affairs Secretary, Shaktikanta Das to discuss the policy issues regarding World Bank. Read more financing news.