World Bank Board has endorsed an ambitious five-year Country Partnership Framework (CPF) for India, which aligns with New Delhi’s objectives of high, sustainable and inclusive growth.
The move is aimed at supporting India’s transition to a higher middle-income country by addressing some of its key development priorities such as resource efficient and inclusive growth, job creation and building its human capital.
The framework is expected to bring between 25 and 30 billion US Dollars in financial support from the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
World Bank South Asia vice president Hartwig Schafer said with a fast-growing economy, global stature, and its unique experience of lifting the highest number of poor out of poverty in the past decades, India is well-positioned to become a high middle-income country by 2030.
Soon after the World Bank endorsed the CPF for India, Junaid Ahmad, Country Director, World Bank, India, said, the Board recognises the incredible growth and development of India over the last several decades.
He said, it recognizes that India has gone from a low-income country status to a low-middle income. And now India is entering the economic transformation from low-middle income to high-middle income country, he said.