World Bank to increase its financing to India; also focus on knowledge sharing says WB Country Director India

Responding to a query on India's request during the G20 meeting to double its financing, Kouame said "So yes, we are prepared to increase our financing to India as a World Bank Group, including the International Bank for Reconstruction and Development, the International Finance Corporation, and the Multilateral Investment Guarantee Agency,International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA)"

He stated that under the leadership of new director of World Bank Ajay Banga various reforms have enhanced the institution's capacity to provide higher volumes of financing to middle-income countries like India and have reduced borrowing costs.

Kouame also emphasized that the World Bank's support goes beyond financial assistance and includes global expertise, cutting-edge technology, and knowledge-sharing that can help India implement innovative solutions.

Additionally, he highlighted that if India sought additional funding, the cost of borrowing would now be more competitive than before.

"So if India wanted to borrow more from us, the cost of borrowing will be even more interesting than before. So we are ready for greater level of financing, for more affordable financing, but we're also ready to focus on knowledge work if that's what is of high interest for the government of India," he added.

Attending the at the Global Investors Summit in Bhopal, Kouame also spoke about the World Bank's discussions with the Chief Minister of Madhya Pradesh, praising the state's development vision. The bank is set to collaborate with the state government on several key initiatives, including renewable energy, nutrition, and skill development.

He stated that Madhya Pradesh aims to become a leader in renewable energy, with a special focus on floating solar projects. Given the state's vast water bodies and past success in renewable investments, the World Bank is keen to support this initiative.

In the human development sector, the state aspires to achieve developed-country standards in nutrition indicators.

He also shared that the another priority area is skill development, with a focus on training the state's young population to meet the growing demand for skilled workers, both domestically and internationally. The state sees an opportunity to supply trained professionals to aging economies such as Japan and Germany, where skilled labor is in high demand.

With these collaborative efforts, the World Bank aims to play a crucial role in India's economic growth, ensuring not just increased financial support but also knowledge-driven development. (ANI)