GoI-World Bank: 400-Million-Dollar Project signed

The Government of India and World Bank have signed a 400-million-dollar project. The project will protect the India’s poor and vulnerable section from the impact of COVID-19.

Highlights

  • This project is the second operation in the series of two.
  • The first operation was approved in May 2020. It was worth Rupee 750 million dollar.
  • The project will strengthen the capability of state and central governments in order to provide the coordinated and adequate social protection to the poor and vulnerable section.
  • The programme seeks to protect poor and vulnerable section from the shocks amid the COVID-19 pandemic.
  • The agreement between GOI and World Bank was signed by Additional Secretary, Department of Economic Affairs and Acting Country Director, India, on behalf of the World Bank.

Background

This programme was launched after the COVID-19 pandemic hit the nation. The COVID-19 crisis has highlighted all the risks that the migrants and the urban poor face. It has also highlighted the need for governments to strengthen the preparedness for future disasters in the country. So, this programme has been initiated. This programme will help to expand and deepen the coverage of social protection systems in India by helping the vulnerable groups in urban and peri-urban areas of India.

India-World Bank Relation

The cooperation between the World Bank and India started with the foundation of the International Bank of Reconstruction and Development in the year 1944. India along with other 44 countries, prepared the agenda for the Bretton Woods Conference in June 1944. India received the first bank loan of US$34million from the International Bank of Reconstruction and Development for railway rehabilitation in November 1948.