Sitharaman attended the World Bank's Development Committee Marrakesh

Utkarsh Classes Last Updated 03-02-2024

Sitharaman attended the World Bank's Development Committee Marrakesh

Summit and Conference 4 min read

The Union Finance and Corporate Affairs Minister Nirmala Sitharaman participated in the 108th Plenary Meeting of the Development Committee as the Governor of the World Bank in Marrakesh, Morocco on 12 October 2023.

What was the agenda of the meeting?

The agenda for the meeting was “Ending Poverty on a Liveable Planet – Report to Governors on World Bank Evolution”.

Nirmala Sitharaman's address in the meeting:

Union Finance Minister Nirmala Sitharaman began her address by expressing deep condolences to the families deeply affected by the earthquake and floods in Morocco and Libya respectively.
In this context, Union Minister Sitharaman said that India stands in solidarity with the people and authorities of Morocco and Libya as they work tirelessly to recover from the devastating effects of these disasters.
Significant progress has been made towards the G20 countries' shared goal of building a 'better, stronger, and more effective' World Bank to address national and global challenges while maximizing development impact.
The World Bank's development direction will provide a framework for the overall multilateral development bank (MDB) environment.
India supports the World Bank's new vision of building a world free from poverty on a 'liveable planet', its new mission to eliminate extreme poverty and promote shared prosperity on a 'liveable planet'.
The World Bank has been entrusted with the difficult responsibility of fighting poverty as well as addressing global challenges.

World Bank:

Established: 1944
Members: 189 countries are its members.
Chairman: Ajay Banga (from June 2, 2023)
It is one of the specialized agencies of the United Nations.
The World Bank was established together with the IMF as the International Bank for Reconstruction and Development (IBRD). After that IBRD became the World Bank.
The World Bank Group is a global partnership of five institutions working to create sustainable solutions that reduce poverty and build shared prosperity in developing countries.
Major reports published by the World Bank:
- Human Capital Index
- World Development Report
- Ease of Doing Business (Discontinued Publication)
The World Bank's five development institutions:
- International Bank for Reconstruction and Development (IBRD)
- International Development Association (IDA)
- International Finance Corporation (IFC)
- Multilateral Guarantee Agency (MIGA)
- International Center for Settlement of Investment Disputes (ICSID)
India is a member of all except ICSID of the World Bank.