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Dec. 3 – The World Bank is seeking more capital support from India and other emerging economies like China and Brazil as developed countries deal with the ongoing financial crisis.
Emerging economies have been shown to fare better during the crisis with higher rates of growth. In November, it was reported that India’s GDP from July-September grew by a surprising 7.9 percent; surpassing previous forecasts. The World Bank is trying to convince India to increase its contribution to the multilateral lender to develop its finance and capital needs.
India is the bank’s largest borrower. World Bank President Robert Zoellick is currently on a four-day trip to the country. “The prime purpose of the visit is to ensure how we (the World Bank) can deploy our resources most efficiently,” Zoellick said in a statement.
World Bank funding to India is expected to reach US$7 billion by the end of the year, a hike of almost 33 percent from the past years’ average of US$2.3 billion.
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