New Delhi, September 13, 2023: Besides the launch of the Global Biofuels Alliance (GBA) at the 18th G20 Leaders' Summit in New Delhi and the US, Europe and the middle-east joining hands for the ambitious India-Middle East-Europe Economic Corridor, another major development that took place at the summit was the announcement of the collaboration between the World Bank and the finance ministry.
The World Bank and the ministry will work together to create a market structure from the Corporate Social Responsibility (CSR) demand side for maximising social impact.
In a post on X (Formerly Twitter), the finance ministry said, "During the meeting, World Bank President Ajay Banga agreed to work closely with the Department of Economic Affairs, Ministry of Finance @FinMinIndia to create a market structure from the Corporate Social Responsibility #CSR demand side for maximising social impact.”
World Bank President Ajay Banga met Finance Minister Nirmala Sitharaman and both the sides agreed to work on these lines for CSR at the G20 Leaders' Summit in New Delhi.
The bilateral meeting of the two leaders focused on topics including the outcomes of the G20 India Presidency, the World Bank’s evolutionand its engagement with India through knowledge exchange and financial assistance for developmental projects, etc.
The finance minister further added that she looked forward to the leadership of the World Bank President in taking on the recommendations on the triple agenda contained in Volume 1 of the Independent Experts Group on Strengthening Multilateral Development Banks (MDBs).
Objective of Independent Experts Group
It must be noted that the Independent Experts Group, led by Harvard University President Emeritus, Lawrence Summers as chair and co-chaired by NK Singh, former Chairperson of the Fifteenth Finance Commission of India, submitted Volume I in July, proposing a triple agenda to unlock the potential of MDBs.
The proposed Volume I includes addressing global challenges in addition to its primary goal of alleviating poverty and promoting shared prosperity. It also aims to triple the sustainable lending capacity by 2030 and strengthen the financial foundation through capital adequacy enhancements and general capital increases.
The finance minister and the World Bank President now look forward to Volume 2 of the report which is expected to be submitted during the 4th Finance Ministers and Central Bank Governors FMCBG Meeting in Morocco in October.
The finance minister was also updated about the developments and progress in Municipal Financing, Logistics, Knowledge Partnership, Skilling and Solar energy in the Agriculture sector, etc. by the World Bank.
Subsidised financial assistance to help lower-income countries
In order to help lower-income nations achieve their goals, the World Bank is exploring more options to increase the scope of concessional financing while forging cooperation across borders and tackle shared challenges.
