Latest business news state that World Bank President Robert B Zoellick will start his 5-day India tour from today to review the government requirements of multi-lateral funding for meeting its development targets.
While talking to media, Zoellick said, “Shifts in the world economy could affect India’s growth momentum and sharpen its development challenges. The Bank stands ready to continue to support India with its knowledge and financial resources to meet the challenges ahead.”
According to him, India is on the edge to hike around 7 percent in year 2012, buoyed by high fundamentals as well as a high domestic savings rate.
He said, “India’s needs are great, so I am here to explore with the Government of India innovative ways in which our joint financial capacities can be leveraged, especially in infrastructure financing, so that India can build the roads, highways, railway lines and power plants needed to propel growth.”
During his 5-year long period as World Bank President, Zoellick has visited India four time, he is expected to meet top government leader in his five-day tour to India.
Reports have said that the World Bank President will hold talks with Union Ministers of Finance, Home and Rural Development, and the Deputy Chairman of the Planning Commission to get better knowledge on how the World Bank Group can be useful to India in meeting its development priorities.
Meanwhile, India is the largest client for the International Bank for Reconstruction and Development and its private sector arm, International Financial Corporation.
The Group in its last financial period (ending June 2011) made US$ 6.33 billion for India, which includes US$ 3.46 billion from IBRD, US$ 775 million from IFC, and US$ 2.07 billion from its fund for the poorest, the International Development Association.
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