The World Bank Group (WBG) Board of Executive Directors endorsed a new Country Partnership Framework (CPF) for India which aims to support 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 India CPF represents the largest country program of the WBG, reflecting the strong collaboration between India and the Group’s institutions: The International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA). The Group expects to deliver $25-30 billion during this CPF period, ending in FY2022.
“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. “This CPF charts a path for how the World Bank, IFC and MIGA, will leverage their relative strengths to deliver stronger development outcomes for this dynamic country, half of whose population is under the age of 25.”
The WBG will focus on three broad areas under the new CPF: promoting a resource efficient growth path, particularly in the use of land and water, to remain sustainable; enhancing competitiveness and enabling job creation; and investing in human capital – in health, education, skills – to improve quality and efficiency of service delivery. Within these, some areas of deeper WBG’s engagement will include addressing the challenge of air pollution, facilitating jobs for women, increasing the resilience of the financial sector and investing in early years of children’s development. Across the sectors, the WBG will invest in harnessing the impact of new technology.
Original source: World Bank
Published on 20 September 2018
