CLOSE India to be part of core World Bank team

 

 

For decades a borrower, India will soon sit in the core management team of the International Development Association (IDA) of the World Bank.

Axel Van Trotsenburg, vice-president, development finance at the Bank, told Business Standard: “India will be one of the IDA deputies, the 14-member group of donor nations which run the key negotiations with member countries.” Van also said the institution would weigh costs to consider Indian markets for raising bonds — as the institution will for the first time tap international markets to raise money — to finance low-cost aid programmes.

Set up in September 1960, IDA was at one time the biggest source of aid for India. For IDA, too, India happened to be the largest aid recipient among its 173 member-countries.

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