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Punjab Chief Minister Bhagwant Mann seeks support from World Bank on fiscal prudence

Punjab Chief Minister Bhagwant Mann seeks support from World Bank on fiscal prudence

Fri, Nov 29, 2024

Mann highlighted the government's commitment to fiscal and institutional resilience, besides emphasising the need for financial support to drive growth, improve public services and enhance the overall quality of life for its citizens.

SBI named Best Bank in India for 2024 by Global Finance Magazine

SBI named Best Bank in India for 2024 by Global Finance Magazine

Sun, Oct 27, 2024

State Bank of India (SBI) was recognised as the Best Bank in India for 2024 by Global Finance Magazine of the US at its 31st Annual Best Bank Awards event.

Uzbekistan's economy grows by 6.6% in past 9 months

Uzbekistan's economy grows by 6.6% in past 9 months

Fri, Oct 18, 2024

The statement said that the share of investment in the country's GDP will surpass 33 per cent this year, with exports projected to rise by nearly 19 per cent.

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Nirmala Sitharaman to visit Mexico and US from October 17 to October 26

Nirmala Sitharaman to visit Mexico and US from October 17 to October 26

Tue, Oct 15, 2024

Finance Minister Nirmala Sitharaman is scheduled to leave on Tuesday night for an official visit to Mexico and the US, during which she will attend a host of meetings including annual gatherings of the IMF and the World Bank, and the G20 Finance Ministers' meetings with central bank governors. The finance minister will also engage i bilateral meetings with several countries and organisations during this official trip.

World Bank expects 5.1% growth for Nepal

World Bank expects 5.1% growth for Nepal

Wed, Oct 02, 2024

The World Bank on Wednesday projected a growth of 5.1 per cent for Nepal in the current 2024-25 fiscal year starting in mid-July, below the Nepali government's 6 per cent target.

ISA, MIGA set up multi-donor trust fund to support solar projects

ISA, MIGA set up multi-donor trust fund to support solar projects

Fri, Sep 06, 2024

The MIGA-ISA Solar Facility, launched by the Multilateral Investment Guarantee Agency (MIGA) and the International Solar Alliance (ISA), will support solar projects with concessional financing and risk mitigation, focused initially on Sub-Saharan Africa.

World Bank ups India growth forecast to 7% for FY25

World Bank ups India growth forecast to 7% for FY25

Tue, Sep 03, 2024

Improvement in monsoon and private consumption have led to revising the India gross domestic product (GDP) forecast, said World Bank senior Economist Ran Li.

World Bank approves $650 million to help Bangladesh develop Bay Terminal

World Bank approves $650 million to help Bangladesh develop Bay Terminal

Sun, Jun 30, 2024

The Bay Terminal would significantly improve Bangladesh's global trade competitiveness and reduce import and export costs by increasing port operational efficiency and mobilising private investment, said the lender on Friday.

World Bank approves $1.5 billion more to aid India's low-carbon emission reforms

World Bank approves $1.5 billion more to aid India's low-carbon emission reforms

Sat, Jun 29, 2024

The second 'Low-Carbon Energy Programmatic Development Policy Operation' will support reforms to boost the production of green hydrogen and electrolysers, critical technology needed for green hydrogen production.

India to remain fastest-growing economy, to log 6.7% GDP growth in next 3 years: World Bank

India to remain fastest-growing economy, to log 6.7% GDP growth in next 3 years: World Bank

Wed, Jun 12, 2024

World Bank on Indian Economy, GDP Growth Outlook: Driven by strong domestic demand, surge in investment and robust services activity, India will remain the fastest growing economy in the world, clocking a steady growth of 6.7 per cent for the next three fiscal years, the World Bank has said.

World Bank approves additional USD 1 billion loan for China-backed hydropower project in Pakistan

World Bank approves additional USD 1 billion loan for China-backed hydropower project in Pakistan

Tue, Jun 11, 2024

The World Bank has approved an additional loan of USD 1 billion for cash-strapped Pakistan to support the China-backed Dasu hydropower project in the restive Khyber Pakhtunkhwa province.

World Bank received $11 billion fund for new financial instruments

World Bank received $11 billion fund for new financial instruments

Sat, Apr 20, 2024

The World Bank Group's leveraging capability allows pledged resources to be multiplied six to eight times over 10 years, potentially reaching up to tenfold under certain conditions. These pledged resources could provide up to $70 billion in urgently needed funds to tackle cross-border challenges and advance development goals.

World Bank aims to expand health services to 1.5 billion people by 2030

World Bank aims to expand health services to 1.5 billion people by 2030

Fri, Apr 19, 2024

The World Bank Group has announced an ambitious plan to support countries in delivering quality, affordable health services to 1.5 billion people by 2030.

IMF raises India's growth projection to 6.8% in 2024

IMF raises India's growth projection to 6.8% in 2024

Tue, Apr 16, 2024

The forecast for 2024 is revised up by 0.1 percentage point from the January 2024 WEO Update, and by 0.3 percentage point from the October 2023 WEO, the IMF said.

Nearly 1 million Bangladeshis may slip into poverty: World Bank

Nearly 1 million Bangladeshis may slip into poverty: World Bank

Wed, Apr 03, 2024

Nearly 1 million Bangladeshi people are projected to join the ranks of the moderately poor, who earn less than $3.65 a day in purchasing power parity (PPP), said the World Bank in its Poverty Macro Update on Bangladesh.

World Bank to share more data to attract private investors to developing countries

World Bank to share more data to attract private investors to developing countries

Sun, Mar 24, 2024

"All this work contributes to one goal: getting more private sector capital into developing economies to drive impact and create jobs," Banga said.

India to grow at 6.8% in FY25, to become upper middle-income country by 2031

India to grow at 6.8% in FY25, to become upper middle-income country by 2031

Wed, Mar 06, 2024

It said that the next seven fiscals (2025-2031) will see the Indian economy crossing the USD 5 trillion mark and inching closer to USD 7 trillion.

World Bank approves $452 million program to improve connectivity in Assam

World Bank approves $452 million program to improve connectivity in Assam

Sat, Mar 02, 2024

The Program will also connect almost 633,000 women-led textile and handicraft producers living within 2 km of roads or collection points.

India-born economist Geeta Batra named as first woman Director of World Bank's GEF

India-born economist Geeta Batra named as first woman Director of World Bank's GEF

Sun, Feb 25, 2024

Batra, 57, is currently the Chief Evaluator & Deputy Director for Evaluation at the GEF's Independent Evaluation Office (IEO), affiliated to the World Bank. Her name was unanimously recommended for the coveted position at the 66th GEF Council Meeting held in Washington on February 9 and was announced last week.

Government of Goa and World Bank collaborate to launch innovative blended finance facility for climate resilience

Government of Goa and World Bank collaborate to launch innovative blended finance facility for climate resilience

Tue, Feb 20, 2024

According to a press release, this unprecedented initiative marks a significant step towards accessing and mobilizing concessional finance to implement low-carbon and climate-resilient investments in Goa, setting an example for other coastal states in India.

World Bank VP Optimistic About India's Potential to Lead the World in Modest Emission High Growth Path

World Bank VP Optimistic About India's Potential to Lead the World in Modest Emission High Growth Path

Thu, Feb 08, 2024

Martin Raiser, World Bank VP for South Asia, highlighted India's potential to pioneer a sustainable growth model with modest emissions. He emphasized India's unique opportunity, driven by technology and a service-oriented economy, to achieve high growth while minimizing emissions. Raiser expressed optimism about India's ability to leverage domestic innovation and strong capital markets through partnerships to realize this goal.

World Bank introduces innovative $100 million plastic waste reduction-linked bond to tackle plastic pollution

World Bank introduces innovative $100 million plastic waste reduction-linked bond to tackle plastic pollution

Thu, Jan 25, 2024

Citi served as the Lead Manager for this pioneering outcome bond, mobilizing private capital to support projects with positive climate and development impacts.

World Bank raises GBP 1.5 billion in 5-year sustainable development bond

World Bank raises GBP 1.5 billion in 5-year sustainable development bond

Fri, Jan 05, 2024

Jorge Familiar, Vice President and Treasurer of the World Bank, expressed satisfaction with the strong start to the new year. Familiar emphasized the diverse range of currencies and tenors in bonds supporting the World Bank's sustainable development mandate.

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