SME Times is powered by   
Search News
Just in:   • Sanjeev Kapoor Honored the Field of Food and Hospitality  • Hotel Sangeetha, Chennai, Issues a Clarification on Food Pricing  • 'India can become second largest market for robotic surgery'  • Firefox Organises EverydayAbility Paramotoring Event  • Equities close marginally in the green; IT, banks cap gains 
Last updated: 02 Mar, 2017  

Arun.9.Thmb.jpg Jaitley urges World Bank to grant $5-7 bn loan

Jaitley.Specific.9.jpg
Chief Executive Officer (CEO) of the World Bank to India, Kristalina Georgieva calls on the Union Minister for Finance and Corporate Affairs, Arun Jaitley, in New Delhi on March 01, 2017.
   Top Stories
» NSE's IISL launches SME Emerge index
» GST still have some teething troubles: EPCES
» Corporate hiring to be slow till fiscal-end: ASSOCHAM
» GES to create congenial ecosystem for startups: NITI Aayog CEO
» Aadi Mahotsav to promote Tribal Economy: Minister
SME Times News Bureau | 02 Mar, 2017
Union Finance Minister Arun Jaitley on Wednesday urged the World Bank to grant India $5-7 billion to meet its funding requirements.

"An increase in World Bank's support is imperative to meet our current requirement of $5-7 billion and for a huge pipeline of projects," said Jaitley in a statement after meeting its Chief Executive Kristalina I. Georgieva in New Delhi.

India has decided to seek the aid only through the International Bank for Reconstruction and Development (IBRD) of the World Bank and cease the funding from its affiliate -- International Development Agency (IDA).

As the original World Bank institution, IBRD offers loans to middle-income developing countries, while IDA gives loans and grants to the world's poorest developing countries.

Jaitley also stressed on the need for capital increase in the Bank group.

He also urged the World Bank to lower its interest rate by removing the commitment charges levied on the undisbursed loans.

"The World Bank should explore innovative financing options and relax the requirement of Sovereign Guarantee for loans to AAA rated organisations," reiterated Jaitley.

Georgieva, who is on a two-day official visit to understand the partnership between India and the Bank, also met RBI Governor Urjit Patel and Maharashtra Chief Minister Devendra Fadnavis in Mumbai on Tuesday for a first-hand experience of the Bank's projects in the country.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 21 Nov, 2017
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» GST: Course correction(14)
» Starting an import export business: Basic guide for beginners(13)
» GST Council removes 178 items from 28% slab, only 50 left(6)
» Economic growth not possible without manufacturing: NITI Aayog CEO(1)
» Job creation: Labour ministry meets experts for solution(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter