During his meeting with World Bank President Jim Yong Kim here on Tuesday, Finance Minister Arun Jaitley emphasised on the two-way relationship between India and the World Bank.

Jaitley "stressed on capital increase and the need for voice reforms in the Bank" so that not only does the Bank play its global role in poverty reduction and development, but "also reflects the emerging world order in its governance," an official statement said.

He said that India actively seeks global good practices from the Bank, and also generates good development practices that are being shared by the Bank globally.

India is the highest cumulative borrower of World Bank, with a current portfolio of 85 projects having a commitment of USD 24.12 billion.

India also constitutes the largest single portfolio exposure of IFC, the private sector arm of the World Bank Group, with commitments over USD 4.5 billion.

World Bank Group President, pledges support

The World Bank Group President, who is on a three- day visit to India, pledged his support in country’s development.

He assured support of the World Bank Group to partner India's development strategies and aspirations through delivery of a diversified programme of financing, knowledge exchange and capacity building.

Kim informed the Finance Minister about the World Bank Group's agenda and strategy for achieving the twin goals of removal of global poverty and increasing shared prosperity.

Kim said the World Bank Group had pledged financial support to India to boost the nation’s development.

Kim said he discussed knowledge based partnership with Jaitley as India is a home to many great innovations. He said they will inculcate

India’s innovations at global level and at the same time bring in various developmental projects across the world to India in order to boost the nation’s economy.

Later talking to reporters, Kim said India has been largest borrower historically and the Bank will not be able to meet its goals without India being extremely successful.

"We pledged our financial support but we also spoke a great length about our knowledge partnership that we are going to build ... we will bring innovations from all the other countries in the world here, as Narendra Modi government embarks on extremely ambitious mission to grow the economy"

He is scheduled to meet Prime Minister, Narendra Modi, on Wednesday to review key development issues pertaining to India.
Kim is on a visit to India from July 21 to 25.

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