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World Bank chief Zoellick in India Monday

Delhi,Business/Economy,Diplomacy, Sun, 25 Mar 2012 IANS

New Delhi, March 25 (IANS) World Bank Group President Robert B. Zoellick will begin his fourth official visit to India from Monday to take stock of the efforts to overcome poverty and other development related projects on the eve of the beginning of the 12th Five Year Plan.


"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," Zoellick said in a statement ahead of the visit.


During the visit Zoellick is scheduled to meet India's top economic policy makers including Finance Minister Pranab Mukherjee and Planning Commission Deputy Chairman Montek Singh Ahluwalia.


The World Bank president is also scheduled to meet Home Minister P. Chidambaram, Rural Development Minister Jairam Ramesh and several other government officials and policy makers, according to a statement issued by the Washington-based World Bank.


India is one of the founding members of the World Bank and is among the top aid recipients.


India is the largest client for the International Bank for Reconstruction and Development (IBRD), which lends to middle income countries and its private sector arm and the International Financial Corporation (IFC).


The World Bank Group in its last fiscal (ending June 2011) made $6.33 billion available to India, including $3.46 billion from IBRD, $775 million from IFC, and $2.07 billion from its fund for the poorest, the International Development Association (IDA).


"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," Zoellick said.



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