World Bank Group and India launch Country Partnership Framework with USD 8-10 billion annual financing

Key facts

• The World Bank Group (WBG) and India announced a new Country Partnership Framework (CPF) envisaging USD 8-10 billion in annual financing over the next five years.
• The CPF is aligned with India's Viksit Bharat vision to become a developed economy by 2047 and was discussed between Finance Minister Nirmala Sitharaman and WBG President Ajay Banga.
• The partnership prioritises private sector-led job creation to accommodate the approximately 12 million young people entering India's labour market each year.
• The strategy focuses on five key sectors for job creation: infrastructure and energy, agribusiness, health care, tourism, and value-added manufacturing.
• The framework targets four strategic outcomes: boosting rural prosperity, supporting urban transformation, investing in energy security and core infrastructure, and strengthening resilience.
• India is the largest client of the WBG, with International Bank for Reconstruction and Development (IBRD) commitments of USD 20 billion across 79 projects.
• The International Finance Corporation (IFC) holds commitments of USD 16.72 billion across 174 projects in India.
• The Multilateral Investment Guarantee Agency (MIGA) has provided USD 618 million in guarantees for Indian projects.