The World Bank (WB) has endorsed an ambitious five-year framework for India with $25-30 billion in financial support for its transition from a low-middle income to a high-middle income country.
The Country Partnership Framework (CPF) for India is aimed at supporting the country's transition to a higher middle-income country by addressing some of its key development priorities, a WB official said.
The senior official from the global lender said the key development priorities are-- resource efficient and inclusive growth, job creation and building its human capital, reports The Economic Times.
It is expected to bring between $25-30 billion in financial support for India from the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), said the report.
India has a unique experience of lifting the highest number of poor out of poverty in the past decades, said Hartwig Schafer, World Bank South Asia vice president.
He said, “India is well-positioned to become a high middle-income country by 2030."
"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, said.
He said, "The CPF was preceded by a systematic country diagnostic (SCD) that offered a narrative about India."