World Bank President holds meeting with Finance Minister
SEEKS INDIA’s SUPPORT IN WIDENING WB’s CAPITAL BASE
INDIA URGES EARLY COMPLETION OF VOICE AND QUOTA REFORMS
The World Bank President Mr. Robert B. Zoellick and the Finance Minister Mr. Pranab Mukherjee had a luncheon meeting here today and discussed wide ranging issues. Mr. Mukherjee conveyed his appreciation to the World Bank for their increased lending in the wake of financial crisis. He also appreciated the personal contribution of Mr. Zoellick who was instrumental in the approval, by the World Bank Board, of several loan packages to India amounting to US$ 4.3 billion in one single day in September 2009. Mr Zoellick complimented India on being the single largest borrower of the World Bank. He appreciated India’s contribution and the role India has played in the World Bank group namely IBRD, IDA and the IFC. He sought India’s support in widening the capital base of the World Bank so that it can appropriately meet the needs of developmental finance.
Mr. Mukherjee informed the World Bank President that India has always been at the forefront of providing greater capital support to all the multilateral development institutions and had enthusiastically supported a 200% capital increase for the Asian Development Bank. Mr. Mukherjee expressed that he is looking forward for expeditious completion of the process of voice and quota reforms in the institutions of the World Bank, so as to increase the effective representation of the emerging and developing economies.
Mr. Zoellick was accompanied by Ms Isabel Guerrero, Vice-President for South Asia, Mr. Roberto Zagha, Country Director-India, Mr. Paolo M. Martelli, Director, IFC, and Ms Julia Nielson, Assistant to the President. From Indian side, Mr. Pulok Chatterji, Executive Director, World Bank, Smt Omita Paul, Adviser to the Finance Minister, Smt L M Vas, Additional Secretary (Economic Affairs), and Dr. Anup K. Pujari, Joint Secretary, were present.
This was the second meeting between the two in the last three months. They had earlier met at Istanbul during the Annual Meetings of the World Bank/ IMF in October 2009. Mr. Mukherjee requested the World Bank President to visit other parts of the country and have a firsthand knowledge of India’s developmental efforts aimed at better service delivery. The current World Bank portfolio in India consists of 68 projects with a total commitment of US $ 19.57 billion. The average commitment during the last four financial years from the World Bank has been approximately US $ 2.3 billion. However, in the current year, the commitments are expected to reach about US $ 7 billion
SEEKS INDIA’s SUPPORT IN WIDENING WB’s CAPITAL BASE
INDIA URGES EARLY COMPLETION OF VOICE AND QUOTA REFORMS
The World Bank President Mr. Robert B. Zoellick and the Finance Minister Mr. Pranab Mukherjee had a luncheon meeting here today and discussed wide ranging issues. Mr. Mukherjee conveyed his appreciation to the World Bank for their increased lending in the wake of financial crisis. He also appreciated the personal contribution of Mr. Zoellick who was instrumental in the approval, by the World Bank Board, of several loan packages to India amounting to US$ 4.3 billion in one single day in September 2009. Mr Zoellick complimented India on being the single largest borrower of the World Bank. He appreciated India’s contribution and the role India has played in the World Bank group namely IBRD, IDA and the IFC. He sought India’s support in widening the capital base of the World Bank so that it can appropriately meet the needs of developmental finance.
Mr. Mukherjee informed the World Bank President that India has always been at the forefront of providing greater capital support to all the multilateral development institutions and had enthusiastically supported a 200% capital increase for the Asian Development Bank. Mr. Mukherjee expressed that he is looking forward for expeditious completion of the process of voice and quota reforms in the institutions of the World Bank, so as to increase the effective representation of the emerging and developing economies.
Mr. Zoellick was accompanied by Ms Isabel Guerrero, Vice-President for South Asia, Mr. Roberto Zagha, Country Director-India, Mr. Paolo M. Martelli, Director, IFC, and Ms Julia Nielson, Assistant to the President. From Indian side, Mr. Pulok Chatterji, Executive Director, World Bank, Smt Omita Paul, Adviser to the Finance Minister, Smt L M Vas, Additional Secretary (Economic Affairs), and Dr. Anup K. Pujari, Joint Secretary, were present.
This was the second meeting between the two in the last three months. They had earlier met at Istanbul during the Annual Meetings of the World Bank/ IMF in October 2009. Mr. Mukherjee requested the World Bank President to visit other parts of the country and have a firsthand knowledge of India’s developmental efforts aimed at better service delivery. The current World Bank portfolio in India consists of 68 projects with a total commitment of US $ 19.57 billion. The average commitment during the last four financial years from the World Bank has been approximately US $ 2.3 billion. However, in the current year, the commitments are expected to reach about US $ 7 billion
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