A day after Prime Minister Narendra Modi said India will become a USD 5 trillion economy by 2022, the World Bank board Friday endorsed an ambitious five-year Country Partnership Framework (CPF) for India, which aligns with New Delhi's objectives of high, sustainable and inclusive growth.
Aimed at supporting India's transition to a higher middle-income country by addressing some of its key development priorities -- resource efficient and inclusive growth, job creation and building its human capital -- the framework is expected to bring between USD 25-30 billion in financial support from the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
"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," said Hartwig Schafer, World Bank South Asia vice president.
"It's a five-year framework that commits the Bank's engagement in India, both in areas where what we'll do, how we will work in these areas and the level of financial commitment. This is the first country partnership framework written with India," Junaid Ahmad, Country Director, World Bank, India, told
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