New Delhi, December 1, 2009 : World Bank Group President Robert B. Zoellick is visiting India as it emerges from the global economic crisis intent on accelerating growth to meet the aspirations of over a billion citizens and addressing challenges of infrastructure and human development.
India has skillfully navigated the financial crisis and the government has identified critical actions that will build its next generation of growth, said Zoellick. These include ambitious infrastructure targets and effective delivery of key social and infrastructure services that will shape the future for one quarter of the worlds poorest people.
Zoellick last visited India in November 2007 and he returns this week to better understand how the World Bank Group can be useful to India in meeting its growing demands and learning how it has withstood the crisis so successfully, lessons that may be useful to other countries. The World Bank Group made [$5.6 billion] available to India over the course of the financial crisis in loans, grants and equity with the International Finance Corporation, its private sector arm, also establishing an IFC Asset Management Company to help deal with the crisis. Zoellick is expected to discuss the scale of Indias needs in the months ahead.
I also want to acknowledge the tremendously important role India is playing in the new international economic system, he said, reflecting on several recent G20 meetings. In our changed world, leadership and cooperation from rising economic powers like India will be key to the emergence of multiple poles of growth and responsible globalization on which the prosperity of our future depends.
Zoellick said the World Bank Group was committed to helping India leverage the maximum benefit from the various resources within the institution: global knowledge, innovative private sector engagement including partnerships for infrastructure, and, access to concessional lending programs that can reach Indias poorest citizens.
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